Monday, December 9, 2013
Hiding Assets in Bitcoins No Different Than Hiding Them in Anything Else
At a recent judicial training we heard about virtual currencies including bitcoin because judges need to be aware that issues surrounding them will arise in the courts. Bitcoins apparently are intended to anonymously hold value. As in the past divorce parties will attempt to defraud their spouse and the court by transferring or hiding assets. Putting marital or nonmarital assets into virtual currencies is really no different than putting money in one's brother's name or in gold coins and burying them in a park forest. Parties must disclose all assets to the opposing party if requested and to the court in an affidavit of property. Defrauding the court and opponent may be a basis for re-opening the divorce property award as well as subjecting one's self to a substantial award of attorney's fees.