Can you really hide assets in a divorce through Bitcoin? CoinTelegraph investigates the feasibility of such a suggestion. Traditional methods of hiding assets
In most cases, assets in divorce are hidden through relatively simple means with varying legality. That includes transferring money from joint accounts to private accounts; transferring assets to a friend prior to the divorce; undervaluing assets; or simply storing assets as cash in a hidden safety deposit box.
However, there are other more complex methods including overpaying the IRS, or other relevant tax agency, and then collecting the tax refund after the divorce proceedings. You can also try taking regular cash withdrawals on debit cards; defer promotions, raises or commission payments until after the divorce, or claim memory loss regarding employer retirement accounts or stock options.
If you are a business owner, things become a whole lot easier for you. For example, you can defer invoicing clients, create fake business expenses, or use ‘company’ assets to buy expensive goods like art and furniture, which you can then sell later. Hiding assets through Bitcoin
Bitcoin would seem to provide the best of both worlds if you want to hide assets in a divorce, but firstly, it goes without saying that you must ensure Bitcoin is legal in your country before your start investigating.
It’s much easier to hold anonymously – all you need is the private key written in a hidden place, say the inner sole of your shoe, and you’re set.
In addition, the government and law industry is lagging behind terribly when it comes to an understanding of cryptocurrencies, so it would likely not even cross a solicitor or judge’s mind to consider looking for crypto-assets.
If you buy your Bitcoin in-person in cash, there would be no record or receipt that could tie you to the transaction, so following […]
