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Should you be worried about your spouse’s digital wallet?

On Behalf of | Apr 2, 2022 | Divorce

Going through a divorce is rough on anyone, but the division of assets is a particularly difficult period in the split. Some spouses may feel tempted to hide assets during this, as they do not want to risk financial instability or simply feel as though their ex does not “deserve” their money.

But no matter the reason, hiding assets is an illegal move. Anyone caught attempting to do this could face serious repercussions. This includes people who attempt to hide their assets in digital wallets.

Cryptocurrency and criminal activity

CNBC discusses the world of cryptocurrency and how it relates to divorcing couples. Digital wallets refer to the use of a digital space as a place to store digital currency, like cryptocurrency. Bitcoin and other forms of crypto did not catch the eye of the public until somewhat recently, and as such, it evaded much of the recordings, regulations and oversight of other forms of assets.

Because of that, crypto became a hotbed for criminal activity. In particular, money laundering and other related crimes flourished. So did individual crimes like asset hiding during divorce or for other reasons.

A person should worry about the possibility of assets hidden in digital wallets if their spouse has mentioned interest in cryptocurrency or digital currency before. If they know the option is available, they might give it a try.

Warning signs to watch for

They may also leave other red flags, such as a sudden or increased reluctance to share their digital devices or their financial information. If one sees such signs and suspects someone of hiding assets, they may wish to contact legal aid to learn what they can do.