Is your spouse hiding significant assets in cryptocurrencies?
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Is your spouse hiding significant assets in cryptocurrencies?

On Behalf of | Jun 10, 2021 | Property Division

Cryptocurrencies have grown in popularity in recent years. Many individuals have invested in this digital currency because of the anonymity it affords them. Owners generally exchange cash for digital tokens, which they can then use to make purchases at brick and mortar or online retailers accepting this largely untrackable currency. 

A CNBC article published at the beginning of this month highlighted how spouses who aim to hide assets from their spouses are increasingly doing so by investing in cryptocurrencies. CNBC estimates that at least 20 million Americans now own cryptocurrency valued at $2 trillion. 

One of the biggest challenges divorcing husbands and wives face right now is determining whether their spouse owns cryptocurrency and how to get their hands on it. There are some strategies you can employ to determine what you’re dealing with. 

How to determine if your spouse owns cryptocurrency

You may have to be a bit reflective when attempting to hone in on whether your spouse owns cryptocurrency or not. You may have a valid reason to suspect that they do if:

  • You have engaged in previous conversations about your spouse’s interest in purchasing cryptocurrency.
  • You’ve noticed sudden improvements in your spouse’s lifestyle, such as buying an expensive vehicle or big-ticket items.

Determining whether your ex owns cryptocurrency isn’t likely to be as easy as looking for account statements that arrive by email or mail since it’s an anonymous digital currency. 

Uncovering and staking a claim to your spouse’s cryptocurrency

Suspicion and proof are two different concepts. 

You may want to file a petition with the court requesting that they subpoena your spouse’s electronic devices. You may then have an information technology (IT) professional or forensic accountant review them for evidence of cryptocurrency trading. You can then use the results from that search in consulting with your attorney about how to best proceed in staking a claim to your share of the assets.

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