Asset hiding during divorce is not a new phenomenon. It has likely existed for as long as laws have dictated how to divide property during a split.
However, with the changing times come changes in technology. These days, many divorcees who want to hide their assets have turned toward digital means of doing so. But is there any way to track these hidden assets?
Use of digital currency in asset hiding
CNBC discusses the ways in which people have turned to digital assets to hide money from their spouses during divorce. This is a popular method because not much of the average population understands a lot about cryptocurrency or other forms of digital assets. Until recently, not even government entities like the IRS took much of an interest in it.
Thus, digital currency became a strong avenue for hiding money for many types of reasons, though most are illegal, including hiding assets during divorce.
Though it is sometimes hard to track digital assets due to the lack of legal supervision to it, it is still possible to notice red flags that might indicate hidden assets in general. This will often boil down to discrepancies in a spouse’s financial behaviors.
Red flag behaviors
For example, have they spent more than usual lately? What about the opposite: have they started to save money and spend much more frugally than they often do?
Examine how open and forthcoming they are with financial information, too. Some people who hide assets grow so paranoid about the possibility of getting found out that they will not even let their spouse examine their receipts for daily purchases. Anyone who notices these signs might want to contact a financial forensic expert to learn more about options.