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How to hide assets: Use Bitcoins!

A recent article in the Financial Times about Bitcoins begs this post. Apparently, this is a new techy way for savvy husbands (yes, mostly men do this) to hide assets and place them beyond the reach of their wives and the courts when it is time to divvy up the marital estate. This is really a breakthrough for guys who feel they are constantly getting cremed in divorce court. Of course, this post is not legal advice on how to do this or even whether to do it. I try to advocate for fathers since I am a father’s rights specialist but I am simply sharing information I picked up, not giving any specific advice, okay?

So, what are bitcoins?

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures. More

Bitcoins have really come a long way since 2009. Indeed, in the last year or so they have experienced a serious rise in value and reputation:

Speculators have helped power bitcoin’s dazzling rise this year.

A growing number of businesses now accept bitcoins, including some Subway sandwich shops and Richard Branson’s Virgin Galactic space travel venture, though critics claim it’s unlikely to become a legitimate currency.

The program behind bitcoin was created anonymously and introduced on the internet in 2010. Unlike traditional money, bitcoins are not managed by a central authority and exist only in cyberspace. more

In London where divorce settlements are particularly generous to wives, divorce solicitors on both sides of the aisle are speaking out about the dangers/threat of bitcoins and digital currency in divorce actions.  Because it is now possible to lie in financial affidavits and be assured that one is never caught. But again, this post is not advocating any action in either direction. We are not financial analysts or money experts. Divorce lawyers and solicitors, as well as divorcing parties the world over need to wake up and take note. For more on the article and to find out exactly how bitcoins can benefit or harm you in a divorce case (depending on the side you are on), go here.

 

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