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Cryptocurrencies are often uncovered by Florida divorce attorneys

| Apr 18, 2018 | High Asset Divorce |

When it comes to divorce, some husbands and wives will go to great lengths to hide their assets from their spouse in hopes of avoiding having to turn over their hard-earned assets. While it’s illegal for someone to take and hide money or belongings when a divorce is imminent, many spouses do it anyways, hoping to never get caught.

Many attorneys have become skilled at uncovering hidden assets over the years. They often know many of the tricks of the trade when it comes to what’s most likely to be hidden and where it’s most apt to be found. As cryptocurrencies, such as bitcoin, have gained in popularity in recent years, it’s required family law attorneys to take their cyber-sleuthing skills to a completely new level.

Although many who swear by cyptocurrencies use them because they have been led to believe that their use is untraceable, it’s not. While tracing it is not easily done, a skilled forensic computer or accounting expert can do it.

Having this done can prove to be a time-consuming process and thus can quickly become costly. The benefits often outweigh the costs though. Since cryptocurrency values fluctuate with the market, you may find that what started as a small investment by your ex has grown to be a sizable nest egg.

As part of the divorce litigation process, you may consider having your attorney request any cryptocurrency purchase records, even if you aren’t sure whether they exist. If you have noticed receipts, bank records or have heard anecdotes about your ex losing significant amounts of money to gambling or to others, then this may point to them having hidden assets somewhere.

If a judge discovers that your ex took money from a joint bank account and converted the funds into cryptocurrency without disclosing it, then he or she could be held in contempt of court. If this occurs, then he or she could forfeit his or her right to a portion or all of those assets.

A Fort Myers attorney can advise you of options available for you to pursue after hearing more about your suspicions regarding your ex’s hidden assets.

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