On behalf of The Law Office of Gustavo E. Frances, P.A.
Many people have heard the term “cryptocurrency” but are unaware of what it means. Cryptocurrency is a word used to describe a means of transferring wealth from one party to another without disclosing the identity of one or both parties. In regard to divorce, cryptocurrency provides a tool for unscrupulous spouses to shield marital wealth from the property division process. Florida residents who are preparing to divorce should be aware of these issues in order to ensure that such actions are not taking place in their own cases.
Bitcoin may be the most popular cryptocurrency option. The service allows users to create an account and transfer funds directly into that account, and then uses funds to make purchases for additional transfers. All of this activity is done with a high degree of anonymity. Unsurprisingly, Bitcoin and similar services are highly attractive to individuals who are looking for ways to skirt or break the law.
Fortunately, the same technology that allows services such as Bitcoin to operate also empowers tech specialists to discover those activities. A forensic accountant can comb through family financial statements for signs of missing assets. These professionals are highly trained in how to identify, trace and document the improper transfer of marital wealth from one place to another.
For those in Florida who are concerned that their partner may be acting to conceal assets in preparation for divorce, the best place to begin is by scheduling a consultation with a family law attorney. Be sure to bring in a list of questions, especially in regard to property division and how to protect against the dissipation of marital wealth. Working with a professional can provide the guidance needed to determine the best possible next steps.
The Huffington Post, “Hiding Assets with Bitcoin in Divorce“, David Centeno, Feb. 23, 2017