These days, cryptocurrency is sometimes used to hide assets in a divorce. Bitcoin, one of the better known cryptocurrencies, is easy to buy from one of many Bitcoin exchanges by simply opening an account with a name (real or not) and an email address. Although Bitcoin theoretically requires users to link a bank account or credit card to their account making it easier to trace transactions, users may also purchase bitcoin (or other cryptocurrencies) with cash making it a little trickier to track down.
Once purchased, Bitcoins are stored in “wallets”, which are electronic files located on a personal computer, a thumb drive, a smartphone or an external server located in the U.S. or a foreign country. An account holder may have several wallets from which to transfer Bitcoin around to stay one step ahead of detection or make withdraws to purchase goods and services unbeknownst to a spouse.
As the old saying goes, “if there’s a will, there’s a way”, which applies not only to spouses trying to hide assets, but to attorneys who uncover them for unsuspecting spouses in a divorce. The up side is that anytime cryptocurrency is purchased or sold, there is a money trail of some kind left behind, but its important to have an attorney well-versed in cryptocurrency to know what to ask for in discovery to realize the full extent of a party’s cryptocurrency holdings, any goods and services acquired using cryptocurrencies, and how to value the assets as part of a property settlement agreement in an Illinois divorce.
Suspect that your spouse is hiding assets using cryptocurrency?
Contact an Experienced Illinois Marital Asset Attorney For Help
If you are considering a divorce and suspect that your spouse might be hiding assets using cryptocurrency, securing the help of an experienced and knowledgeable marital property division attorney who knows where to look for hidden assets is key. Contact the Libertyville Family Law Offices of Ronald L. Bell & Associates for immediate assistance at 847-495-6000.