It is not new that Bitcoin has often been blamed by regulators for a tool that is being used for hiding illegal money. The issue of money laundering using Bitcoin has been at the forefront whenever the authorities attacked the digital currencies. However, now divorce law experts say that Bitcoin can be used to trick expensive divorce settlement as well.
After Marriage 2.0, a lot of expensive divorce settlement has become a nightmare for men and they are always looking for a trick that can help them reduce the amount which otherwise leave them homeless and penniless. Some lawyers believe that may be other lawyers are advising their clients to use Bitcoin to trick divorce settlements and pay less.
The first warning came from the UK lawyers who have cautioned that the virtual currency could very well be utilized to pay less to spouses. It can be used for concealing assets from each other as the court begins to allocate assets as a part of settlement. Men who don’t want to pay a mammoth part of hard earned money may want to hide assets investing in Bitcoin.
The desire among men to hide their assets so that they don’t part with it when divorcing their wives has come up as in the United Kingdom judges are kinder towards the wives due to the fact that they view the contributions of the primary earner and the housewife as equal.
Now Law That Asks for Disclosure of Bitcoin Assets
This angle was not foreseen by many people; however, this has also surprised many lawyers who think it will become evident later on as more and more lawyers will request financial disclosure for Bitcoin if there has been any evidence that the individual has used the cryptocurrency.
Quite evident that apart from money laundering issues, the issue of hiding wealth in Bitcoin to pay less to the spouse will also be in the agenda of lawmakers. One partner hiding their assets and not fully disclosing them to the courts will also hamper the natural path of justice and judges may feel obliged to ask for more information about Bitcoin assets.
It is believed that Bitcoin will become even more popular among men as spousal claim is more damaging than tax because it is half of their wealth.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org