Hiding assets during a divorce can result in the one spouse getting a larger share of the marital assets. These days, cryptocurrencies are figuring more prominently in divorce cases because they are relatively easy to hide and, even when you find them, they can be difficult to value to ensure the other spouse gets their fair share.
Cryptocurrencies, sometimes referred to as the new offshore account, allow individuals to accumulate considerable wealth that may be hard to trace, but it is certainly not impossible. In fact, forensic financial accountants have gotten pretty good at sleuthing out cryptocurrencies including Bitcoin and Ether that one spouse may have hoped to hide in a divorce.
Case after case involving the careful examination of bank statements by forensic accountants reveal thousands of dollars in hidden cryptocurrency assets that may have escaped the division of property in a divorce had no one taken the time to look. In one case, for example, a forensic accountant found $100,000 in crypto currency a husband did not list on his financial affidavit, hoping to hide it from his wife in their divorce.
Valuing Cryptocurrency in a Divorce
Even if you discover that a spouse has been accumulating cryptocurrency to deny you your fair share of marital assets, the hurdle remains to value it. Crypto currencies are not currencies in the traditional sense, but mere snippets of electronic code functioning as IOUs. All transactions take place between two parties – peer to peer – and their value boils down to how much someone is willing to pay for it at any given time.
To value cryptocurrency in a divorce, forensic accountants often look to crypto exchanges to see what people selling crypto are being offered by those who want to buy. Whatever the going rate is can then be expressed in dollars to be divided as marital property in a divorce. Because many who hide assets electronically typically ‘go big’, it is certainly worthwhile to find and value these assets in a divorce.
Contact an Experinced Property Division Laywer for Help
If you believe that your spouse is hiding assets in your divorce, it is important to work with an experienced divorce attorney who will leave no stone unturned to achieve a fair property settlement agreement. While some may try to hide assets in a divorce, few will succeed when you have an experienced legal team familiar with all the tricks in the book ~ old and new. Contact Lake county Illinois family law attorney Ronald L Bell & Associates for immediate assistance today at 847-495-6000.