An unnamed New York couple’s divorce proceedings changed course after a legal accountant assisted in finding the husband’s cache of twelve Bitcoin tickers below $27,394 that he had planned to conceal from his partner. The couple in concern had been married for a decade, but the man’s wife had suspicions that he had withheld some of the assets that would be divided between them in the event of their divorce. The woman, identified only by the pseudonym Sarita revealed he was making $3 million a year, which was far more than his disclosed assets.
Many States Claim That Bitcoin Investment Has Now Become A Major Cause of Divorces
Sarita hired a legal accountant, who ultimately discovered that the husband had hidden 12 BTC, or about $500,000, in an unknown cryptocurrency wallet, from the IRS. She said that she had no idea about her husband’s Bitcoin investments since it was not as if they had been investing together or discussing finances.
Many people are increasingly concealing their income in cryptocurrency wallets, out of their spouses’ scrutinizing eyes, as financial infidelity is on the rise. In one such recent instance, media reported that a woman in New York learned that her husband had secretly stashed 12 bitcoins worth $500,000 in a crypto wallet. A few months into her divorce procedures, the information surfaced. Divorce lawyers warned the publication that hiding cryptocurrency from partners is becoming more and more prevalent. They bemoaned the growing trend and pointed out that the law is having difficulty keeping up with digital assets, which operate primarily outside the purview of centralized middlemen like banks.
Attorneys in Texas, Florida, California, and New York, revealed that as cryptocurrency has become a more popular investment in recent years, it now influences 20% to 50% of the divorce cases they handle.
