With Bitcoin, Hiding Assets in Divorce Is Risky, But It Pays
Can you really hide assets in a divorce through Bitcoin? CoinTelegraph investigates the feasibility of such a suggestion. Traditional methods of hiding assets. In most cases, assets in divorce are hidden through relatively simple means with varying legality. That includes transferring money from joint accounts to private accounts; transferring assets to a friend prior to the divorce; undervaluing assets; or simply storing assets as cash in a hidden safety deposit box. However, there are other more complex methods including overpaying the IRS, or other relevant tax agency, and then....
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Jane Croft, writing in today's Financial Times points out warnings from lawyers, that Bitcoin is fast becoming the weapon of choice for hiding assets in a divorce battle. Because of Bitcoin's relative anonymity many husbands are choosing to use it as a medium of investment and thereby avoiding a full disclosure of assets. Within the UK, divorce settlements are seen as particularly generous to wives; courts have taken the view that homemakers contributions are equal to those of the breadwinner, therefore, a fifty: fifty split of assets is generally the norm. There is also the problem that....
Could a divorcee hide their assets by squirrelling them away in bitcoin? A rogue poster on the Bitcoin Talk Forum raised the issue this week, so CoinDesk asked some lawyers. According to the user on Bitcoin Talk, a man discovered that his wife cheated on him and decided to divorce her. However, before he did, he spent several weeks moving a large percentage of his assets into bitcoins, in an attempt to shield the assets. The post continues, saying: "He just sprung the divorce on his ex-wife and now her lawyer is arguing he must have much more money than he claims to be. The judge ordered....
Tone Vays, head of research at BraveNewCoin, talks on how to buy BTC preserving your anonymity, and what he thinks the real uses of the cryptocurrency are now, as well as what to expect soon. Online Exchange vs. BTMs vs. In-Person. CT: Why do some users choose to buy their Bitcoin in person, instead of via an online exchange or BTM? TV: Because Bitcoin is the only asset in the world which cannot be confiscated by authorities, it's important to make sure no one knows you have Bitcoins for this property to hold. By only buying your Bitcoins using cash in person from other people, you....
Months before the digital currency exchange Cryptsy declared its insolvency and claimed it was the target of a debilitating hack and theft, CEO Paul Vernon's estranged wife claimed in a court filing that she was afraid her husband would flee the country with funds taken from businesses he owns, including Cryptsy. Court documents obtained by CoinDesk offer new details about an ongoing legal battle between Vernon and his wife, Lorie Ann Nettles, who filed for divorce last fall. The motion for injunctive relief sought a court order freezing the assets of Cryptsy and other entities owned by....
A leaked investor call from Morgan Creek Digital suggests BlockFi liquidated 3AC for $1 billion, while Celsius reportedly maintained a highly risky assets-to-equity ratio last year that may have caused its recent liquidity woes. It’s been another day of watching the ripples of contagion spread through the crypto market. With Three Arrows Capital being ordered into liquidation by a British court, details have also emerged today of BlockFi liquidating a $1B loan to 3AC, and the fallout from the insolvency was partly to blame for lending firm and market maker Genesis Trading facing losses of....