Any person in the higher income groups of Michigan who is in the throes of a divorce might have concerns of his or her soon-to-be ex hiding assets to avoid sharing it. Reportedly, the rapidly rising value of the cryptocurrency Bitcoin is making it one of the preferred ways of concealment in a high asset divorce. The way in which this currency is constructed apparently makes concealing it easy.
Bitcoin transactions are mostly anonymous, but some of the websites that operate Bitcoin investments allegedly revealed that more men than women buy this cryptocurrency. Reportedly, some men’s rights groups are advocating this method of hiding assets. They claim that courts are biased and favor women in property division procedures during divorce litigation.
These groups advocate investing in Bitcoin as a measure to avoid division of all their assets. Furthermore, alimony payments may be lower if the real value of the person’s assets remains undisclosed. However, if discovered, hiding assets in a divorce can have serious consequences — even after the divorce is finalized.
People in Michigan who suspect that their spouses are not disclosing all their assets may find comfort in learning that help is available. Experienced divorce attorneys have devised methods of discovering hidden cryptocurrencies. A high asset divorce could be challenging, and a lawyer who is skilled in looking out for the rights of those involved in such litigation might have additional resources that can help with the discovery of concealed property. Any person leaving a high-income lifestyle should receive a fair share of property that would ensure that a similar way of life can be maintained after a divorce.
Source: thecut.com, “Why Are Men’s Rights Activists So Into Bitcoin?“, Madeleine Aggeler, Dec. 14, 2017