Asset division is a part of the divorce process that every couple will need to undergo. It is stressful and time-consuming, and unfortunately, some people make it even harder by attempting to hide assets.
What exactly is asset hiding? What purpose does it fulfill? And these days, how does cryptocurrency come into play?
The purpose of asset-hiding and crypto
CNBC discusses asset hiding with cryptocurrency. First: what is asset hiding? This happens when a spouse attempts to hide or otherwise obscure either the source of an asset or an asset in its entirety.
These days, people can use digital methods as a means of quickly hiding large sums of money. They do this by purchasing cryptocurrency like bitcoin, which is virtual money. They buy these crypto stocks and then either sell them after the divorce gets finalized, or they allow it to continue growing and never have to share any profits with their spouse.
Do not overlook digital hiding places
These days, more people know about bitcoin and other types of cryptocurrency so it is getting harder for people to attempt to hide assets through such means.
However, it is still a relatively unknown field for many. It is important to bring up the possibility of your spouse hiding assets via cryptocurrency first if you think that they may do it.
Of course, even digital asset hiding is still asset hiding, which means it is still illegal. If you believe your spouse is guilty of this action, you may take steps to get further information and learn what to do from there.