Last Updated on 14.7.16 by Nicola Fraser
It is not uncommon for spouses to try to hide assets or money within divorces and a crucial part of dealing with financial matters in divorce is having a full picture of both spouse’s financial positions. The Family Court will not make an order, which will make a final agreement legally binding, without full and frank financial disclosure being given. A Solicitor will only be able to advise you on whether or not terms of any settlement would be fair once it can be established exactly what assets there are which can be made available to distribute.
Bitcoin is a digital currency in which transactions can be performed without the need for a central bank and coins can be transferred directly between individuals and are kept in a digital wallet that can be accessed online. Bitcoin may be a new and attractive way in which to hide assets due to its difficulty in tracing currency ownership and the ability of shift currency between online wallets to friends or to another country where it would be more difficult for the Family court to retrieve. Although we are yet to hear of any divorce cases involving Bitcoin, the Financial Times reports that Courts in the US have already asked for bitcoin disclosures in some divorce cases.
It is not exactly known how many Bitcoin transactions take place however Bitcoin does not appear to be in widespread use and although it has its benefits, Bitcoins have also shown massive fluctuations in price and whether or not Bitcoin has a future will remain uncertain. Should Bitcoin end up being just a commodity for the technophiles out there, the idea of a virtual currency is very much something for the future, and it is therefore important to consider all assets whether virtual or tangible when looking to achieve a fair outcome in divorce cases.
To discuss your personal situation contact Kerry Russell today on 0161 930 5151.
Partner & Head of Family, Family Law