A woman named Sarita divorced her husband a few years back. Nothing seemed odd at first; people get divorced all the time. However, when her husband (who makes $3 million per year) declared no assets, she became suspicious.

Sarita Discovers Her Ex-Spouse’s Hidden Crypto Stash

Following a year of discovery, Sarita found out that her husband had at least half a million in assorted crypto funds to his name and didn’t declare them in the divorce proceedings. By not reporting them, he figured he could get away with smaller alimony payments or something along those lines, but it appears this deception has now worked against him.

Sarita – which is an alias for the woman – says she was married to her husband for over a decade. She said she was quite shocked when she found out about her ex’s digital holdings, mentioning in an interview:

I know of bitcoin and things like that. I just didn’t know much about it. It was never even a thought in my mind because it’s not like we were discussing it or making investments together… It was a shock.

Many divorce attorneys say crypto holdings are often difficult to locate or realize during separation proceedings in that many of the laws have not kept up with the digital assets arena. Thus, one can easily hide said assets during a divorce and get away with it, granted their former spouse or their lawyer aren’t privy to the way things work.

Kim Nutter says she was one of the first lawyers in her native state of Florida to begin exploring crypto practices in 2015. She commented that she’s worked hard to ensure all sides of the divorce table are required to relay their digital holdings during separation proceedings. She said:

I still think the law is trying to catch up with this novel form of currency, even though it’s been around for quite a while. What I find in litigation is because this is so new to all of us, even the most seasoned attorneys, unless you’re really going out of your way to study this, educating the court, knowing what to ask for, and finding the right experts, it’s much more of a scramble to me than other areas of law which had been around much longer.

A Lot of Crypto in Divorce Proceedings, Now

Divorce attorney Kelly Burris also threw her two cents in, saying:

If you have a spouse that’s very tech savvy and one that isn’t, it can be somewhat easy to hide those assets. The thing with cryptocurrency is it’s not regulated by any kind of centralized bank, so usually you can’t subpoena somebody and get documents and information related to somebody’s cryptocurrency holdings.

She says that 40 to 50 percent of her divorce cases now involve crypto.

The post A Woman Named Sarita Discovered Her Husband’s Crypto Holdings Following Their Divorce appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ July 2, 2023 3:00 pm