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Does your spouse have a digital wallet?

On Behalf of | Apr 22, 2022 | Property Division

Dealing with a digital wallet is an important part of the divorce process specifically because of how it might tie to digital assets. In asset division, this is an important category you should not miss.

But what should you watch out for in terms of suspicious behavior with digital assets?

Taking advantage of crypto

CNBC discusses the rising use of cryptocurrency in divorce situations. Cryptocurrency held a lot of use until recently in regard to how secretive people could be with their expenses. The IRS did not even begin regulation of digital currency until this tax year. Though certain government bodies kept something of an eye on it, it was largely unregulated.

This meant people could use it for many crimes, including money laundering, fraud and more. Of course, divorcees took to it as a way of hiding assets without having to show their hands. Most spouses did not even know what cryptocurrency was, let alone how it worked or what to check for.

These days, of course, more people in the mainstream understand how digital currency works. It is possible to bring up matters of cryptocurrency with a divorce attorney, who can potentially help get a worried divorcee in contact with forensic financial analysts who can do a lot more digging.

Watching for red flags

Of course, it is possible to keep an eye out for red flags that might indicate asset hiding, too. This can include a spouse showing increased signs of agitation or reluctance to share financial information. It can also include a reluctance to allow a spouse to use or look over their digital devices, like phones or laptops, due to fear of a spouse finding cryptocurrency applications.