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Divorcing? Don’t forget about your ex’s Bitcoin

On Behalf of | Jan 25, 2018 | Blog |

Divorce is one of the most emotionally turbulent periods in life. While high-running emotions are certainly understandable during a divorce, some people allow these feelings to overrun them. Having an angry, emotional ex can complicate proceedings, dragging everything out longer than might have otherwise been necessary.

This kind of behavior is especially common during asset division. In many ways, hiding assets is now easier than ever before. The rise in digital currency, online anonymity and other technical advances can make fairly dividing assets difficult.

Should I worry about my ex’s Bitcoin?

Bitcoin first entered the currency scene in 2009. Users are all anonymous and their account transactions are secret, a major draw for people who hope to keep certain assets and information out of sight. For fans of privacy in Wisconsin who are unimpressed by big banks and other financial institutions, Bitcoin seems like a dream. For those worried about marital assets during a divorce, Bitcoin is a nightmare.

If your spouse disclosed his or her Bitcoin prior to asset division, you may not have much to worry about. However, failure to report the Bitcoin or other secretive behavior is understandably concerning.

What are signs of hidden assets?

It is normal for couples to establish separate bank accounts when they file for divorce or at some point during proceedings. However, any of the following may be concerning:

  • Overpaying taxes
  • Overpaying legal retainers
  • Constantly purchasing and returning items
  • Purchasing excessive numbers of gift cards
  • Transferring property to relatives

Deceptive financial behavior can be difficult to spot. You can request a thorough review of your soon-to-be ex’s sworn statement of net worth and banking documents, which can reveal discrepancies. These discrepancies might indicate that your ex is indeed squirrelling away some of your marital assets.

Your property is important

We understand that marital assets are not just things, they are your personal property that hold significant emotional and financial value. Losing out on some of that property because an ex hid important assets can be devastating.

If you suspect that a soon-to-be ex is engaging in this type of behavior, acting quickly to protect your assets is important. A lawyer experienced in Wisconsin family law can help guide you through the process of proving your ex’s misbehavior, which can help achieve the most agreeable divorce settlement possible.



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