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Could electronic currency play a role in property division?

Although child custody is often seen as one of the hardest parts of divorce, most Florida divorcees would agree that property division is no cakewalk either. In essence, the things you have and the assets you have worked for are being split up. This can be extreme hard on the pocketbook. With that said, it may come as no surprise that some ex-spouses will try to hide their assets during divorce, especially if it is a high-asset split.

Men and women have been known to hide their assets in divorce by handing off money to friends, hiding them offshore or finding other creative ways to make it look like they have fewer assets. Now, another platform for deceiving may be around the corner: it's called bitcoin. Bitcoin is essentially a digital currency that people can use to make purchases. The difficulty with this type of currency is that it can be hard to link the currency to a specific individual due to its relative anonymity.

Some husbands have already reportedly discussed the possibility of hiding assets via bitcoin on online forums. The use of bitcoin to hide assets may not have hit the courtroom yet, but some say it probably will in the near future.

With technology constantly evolving, spouses find more and more ways to hide assets during divorce. In these types of situations, it’s important to have a lawyer on your side who can spot these inconsistencies and help you come out of divorce with a stable financial footing. 

Source: CNBC, “Bitcoin could be used to hide assets in divorces, warn lawyers,” Jane Croft, June 3, 2014

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