Bitcoin used in divorce cases

The virtual currency Bitcoin is gaining popularity as the weapon of choice in divorce cases according to a report in the Daily Mail.

It seems that in costly divorce battles, spouses are choosing to use the digital currency to hide wealth from their ex-partners claims a London divorce lawyer.

The issue has been raised as a growing number of cases are being brought in court hearing how partners have tried to conceal their wealth.

With courts in California already issuing search and discovery orders to find Bitcoin cash, the trend looks set to catch on in the UK.

For those who haven't heard of Bitcoin it can be difficult to understand how a person can conceal wealth by using an online currency.  Bitcoins allow people to trade money independently of a bank, company or government, hence it's increasing popularity with technophiles and criminals.

A Bitcoin is a line of computer code which becomes digitally signed each time it travels online from one person to another. First appearing in 2009 it remains a mystery as to who actually invented the currency and Bitcoins are only worth as much as you and the recipient want them to be.

This method of transferring funds from one digital wallet to another enables the users to move money around under the radar effectively and have proved an ideal breeding ground for trickery in divorce cases.

If you are considering divorce and need support from a solicitor, call our team on 0845 603 0708, or complete the form on the right and we'll call you back.

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