[2018-02-15]Divorcing couples may clash over Bitcoin

[coin_lover]

Divorcing couples are being warned to disclose all their assets amid fears that some may use digital currencies such as Bitcoin to hide their wealth.

Lawyers suggest that the anonymous nature of these digital currencies could prove tempting to those involved in an acrimonious split.

One solicitor said she had seen the "first wave" of cases where crypto-currencies were listed as assets.

Courts have wide-ranging powers to investigate hidden assets.

This could include a court appointing a digital forensic expert to analyse data when it is suspected someone is trying to hide money in cryptocurrency,

http://www.bbc.com/news/business-43070849

[gentlemand]

I can see disclosure would be a problem. I don't see where any of the other problems lie.

They're talking as if crypto has landed from an alien planet. It's worth something. It gets declared. It gets divided. It's no different from an art collection or statue of Hulk Hogan. It's an asset that can be sold.

Presumably in the years to come there'll be ever more shit hot crypto detectives who can sniff out your money. People getting in now should keep that in mind while they still have some wriggle room. It only takes a couple of slack moves to open up your trail unless you're buying XMR with cash.

[jjacob]

Divorcing couples are being warned to disclose all their assets amid fears that some may use digital currencies such as Bitcoin to hide their wealth.

Lawyers suggest that the anonymous nature of these digital currencies could prove tempting to those involved in an acrimonious split.

One solicitor said she had seen the "first wave" of cases where crypto-currencies were listed as assets.

Courts have wide-ranging powers to investigate hidden assets.

This could include a court appointing a digital forensic expert to analyse data when it is suspected someone is trying to hide money in cryptocurrency,

http://www.bbc.com/news/business-43070849

Cryptocurrencies may be anonymous, but there is always a trail when you shift your wealth 'into' cryptocurrencies. Otherwise, they are no different from a numbered Swiss bank account in the good old days. If you do decide to hide your wealth (using cryptocurrencies or otherwise) in front of a court, you are breaking the law and taking a big risk. It is just not worth it.

[darkangel11]

Presumably in the years to come there'll be ever more shit hot crypto detectives who can sniff out your money. People getting in now should keep that in mind while they still have some wriggle room. It only takes a couple of slack moves to open up your trail unless you're buying XMR with cash.

Or mining. There are many ways one could hide their crypto assets starting from having access to coins with a clean record. Like the ones or the previous owner have mined themselves in the previous years and haven't moved to an exchange. Such coins are basically untraceable as long as you use physical goods, cash, favours, or other cryptocurrencies to pay for them.

[Schirer]

Right now i believe that its is easier to hide BTC than anything else.

But with ONE simple rule, you have do it right from the start.
Do not use excahnge , because in with any notable amount you will have to submit ID or something .

My view is that if individual buys btc on localbitcoins or from a "BTC dealer " it is very hard to find out that he did .

[gentlemand]

Right now i believe that its is easier to hide BTC than anything else.

But with ONE simple rule, you have do it right from the start.
Do not use excahnge , because in with any notable amount you will have to submit ID or something .

My view is that if individual buys btc on localbitcoins or from a "BTC dealer " it is very hard to find out that he did .

As ever though most people only think of these things when it's too late. When you're fully loved up you'll go straight to Coinbase and give up every shred of anonymity. Convenience trounces paranoia 9 times out of 10.

I'd very curious to know how many husbands or wives have informed their dearest about their crypto. And I also wonder how carefully bank records are gone through when it comes to divvying up finances. I assume they're not going to bother unless you're suspected of something.

By the time most divorces come to pass you might have bought in more than seven years ago in which case bank records can't be retrieved in the UK. If you kept your mouth shut you might stay in the clear.

I will never get married so will never have this problem.

[Last of the V8s]

@TehJoeCow
12h12 hours ago

2018: A divorcing couple divides their @cryptoallstarz investment under the supervision of a judge.

[Qartersa]

Divorcing couples are being warned to disclose all their assets amid fears that some may use digital currencies such as Bitcoin to hide their wealth.

Lawyers suggest that the anonymous nature of these digital currencies could prove tempting to those involved in an acrimonious split.

One solicitor said she had seen the "first wave" of cases where crypto-currencies were listed as assets.

Courts have wide-ranging powers to investigate hidden assets.

This could include a court appointing a digital forensic expert to analyse data when it is suspected someone is trying to hide money in cryptocurrency,

http://www.bbc.com/news/business-43070849

I understand the fear that 'some may use digital currencies such as Bitcoin to hide wealth', but didn't they know hiding of wealth has been in existence for so long with the use of traditional fiat currencies? Some use other names in their banks, name their properties to others, among others. All of these have been IN for so long, and are still widely practiced. This is true not just for divorcing couples but for purposes of evading or minimizing taxes, avoiding conflict of interests when you are a government employee, and others. Hence, I think the fear with digital currencies in hiding wealth is dumbfounded to think that even without it, most people have been doing some workaround to obtain their goals.

[CryptoBry]

This kind of news is telling us that Bitcoin has now really entered the consciousness of the mainstream population. Maybe the massive adoption is not there yet but it must be coming soon. The idea here is that couples should not be using Bitcoin or any cryptocurrency to hide assets in cases of divorce. Anyway, all the things related to a divorce can really be complicated and when one is not disclosing Bitcoin involvement the more things can be complicated. We will see if there would really be an effective tool to investigate and verify one's involvement with cryptocurrency in cases of non-disclosure...or is there already one?

[tee-rex]

Right now i believe that its is easier to hide BTC than anything else.

But with ONE simple rule, you have do it right from the start.
Do not use excahnge , because in with any notable amount you will have to submit ID or something .

My view is that if individual buys btc on localbitcoins or from a "BTC dealer " it is very hard to find out that he did .

Aren't you missing something in your suggestion? To wit, how on Earth are you going to get bitcoins in the first place unless you mine them? But mining is not available to everyone. So you will have to buy it somewhere, on exchange, localbitcoins or from a "BTC dealer". And buying coins from someone in person may not only be far from anonymous, it may in fact be quite dangerous.

If you want anonymity, you will have to provide fake personal information. But that would be illegal and probably considered an outright criminal activity once discovered.