High Tech Ways to Hide Marital Assets
Kidwell, South, Beasley and Haley is a reputable divorce firm keeping up-to-speed on cutting-edge technology
In Tennessee, individuals going through a divorce are not required to affirmatively disclose the location and amount of assets. Responsibility, therefore, for identifying all potential marital assets rests in your hands. Many cases handled by Kidwell, South, Beasley and Haley involve honest individuals who truthfully report their assets, but in some instances a spouse deliberately hides assets. Unfortunately, technology in recent years has made doing so easier through electronic currency. A competent divorce attorney needs to be fully up-to-speed on this technology and its implications on the divorce process.
What is an electronic currency?
An electronic currency exists solely online. There are several hundred electronic currencies available to investors, with Bitcoin being the most well-known. Unlike currencies such as the Dollar or the Euro, electronic currencies are computer generated and not tied to any government or bank. Electronic currencies also are not pegged to other currencies. A relatively new phenomenon, these currencies are generally without regulation and currency holders can remain anonymous.
Does my spouse have a right to withhold assets by purchasing electronic currency?
Under Tennessee law, your spouse cannot hide assets before or during the divorce process. This does not mean that he or she will not, and the Kidwell, South, Beasley and Haley divorce attorneys routinely see cases in which the existence of marital assets has been intentionally withheld. Furthermore, because Tennessee law does not mandate affirmative disclosure of assets, your spouse is under no obligation to identify each and every asset. For these reasons, it is imperative to have a seasoned high asset divorce attorney who can leverage the pretrial discovery process to completely uncover all assets that are subject to division.
How can a Kidwell, South, Beasley and Haley attorney help me locate these hidden assets?
While holders of electronic currency can be difficult to identify, it is possible to trace the financial transactions through which assets and income are converted to Bitcoins. Depending on the method of acquiring electronic currency it may be possible to locate a paper trail, for example through records of bank account transfers or credit card statements. Furthermore, there are ways in which to identify holders through online activity:
- Your spouse has a personal, digital wallet on their computer or smart phone, which may signal that he or she is an electronic currency account holder.
- Your spouse frequents websites known to serve as online storage services for Bitcoin and other electronic currencies, such as Coinbase or Coin Cafe.
- Your spouse owns and/or operates a business that accepts electronic currency as payment, which suggests he or she has an e-currency account.
Technological savvy put to work for Kidwell, South, Beasley and Haley clients
You can trust our Murfreesboro family law firm to leave no stone unturned when it comes to identifying marital assets that are subject to division in your high asset divorce case. Contact us online or call today at 615-893-1331. Through a free initial consultation, we can discuss how best to approach your case.