Digital wallets have been around for years, but it was not until recently that they began taking off in the mainstream.
They have many useful purposes, but at the same time, they see a lot of use in criminal cases. This can include the possibility of seeing them used in your spouse’s attempts to hide assets during divorce.
Why turn to digital currency?
CNBC discusses keeping an eye on your spouse’s cryptocurrency. In matters of divorce, asset division often ranks as the most stressful part, especially for childless couples who do not have to worry about matters like child support, custody or visitation.
Spouses often have many reasons for not wanting to divide their assets with their ex-partner. They might have genuine fears for their financial stability, or they may simply feel spiteful. Despite the logic, it is an illegal act that can land a person in hot water.
However, digital currency did not have scrutinizing eyes on it until recent years. In fact, it was not until this year that the IRS determined digital currency as taxable. Without government entities and other organizing bodies watching it, digital currency became a hotbed for illegal activity.
Shining a spotlight on crypto
Many spouses turned to it to hide assets, knowing that their spouses and even their divorce attorneys likely would not know to look to digital wallets. It was relatively easy to cover one’s tracks as well, due to the lack of regulation.
But as more people come into an awareness of digital wallets and assets, it leaves less room for people to get away with their illegal activities. This can serve as a benefit to divorcees everywhere.