Hiding money during a divorce is all too common. When large sums of money are involved, some decide it is worth the risk to conceal. Others simply do not agree that their spouse is entitled to 50 percent of the money. Divorce in the digital age has seen new and inventive ways a spouse who is not willing to make the split, attempts to hide financial assets. Divorce lawyers have noted a rise in claims of finances that are unaccounted for.
There are many ways a spouse could attempt to hide money, essentially wiping it from the books. Classic attempts have ranged from over paying bills which allow for a credit or reimbursement later down the road, to transferring money to custodial accounts established using a child’s social security number. Most frequent attempts at concealing financial worth is by using a personal business. Paying non-existent employees and later voiding the checks, paying fees to relatives or friends for services that were never rendered, and reporting losses by working the books are all common affairs.
However, in the digital age these attempts at concealing finances are becoming more inventive. Bitcoins are another avenue individuals are using to make their bank accounts seem much lighter than they actually are. Bitcoins are new, unregulated, and very hard to trace. Someone buying bitcoins can “hide” their money, and use an online marketplace to sell them back for standard currency at a later date. Even little by little, tying the money in with sales from a business, a side venture, or simply adding it into their bank deposits with their salary.
Using the internet to hide assets is quickly becoming a viable alternative to those seeking to save for later, what they owe now. Hiding assets is illegal and can cause serious problems down the road. This is especially true now that a good number of divorce attorneys are employing the skills of individuals who are keen to these forms of fraudulent activity. These individuals know computers, and they know where to look for what is financially unaccounted. As people become more versed in finding new ways to conceal assets through the internet, others become more skilled in uncovering these “hiding places”.
If you feel that your spouse is being untruthful in regards to your joint worth, maybe it’s time to consult an experienced family attorney. Remember, there are specialists who can help uncover what is financially unaccounted for.
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