I vow…to hide my assets in Bitcoin
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Here at Marketplace, we’ve talked a lot about the various uses of bitcoin. From buying beef jerky in bulk online, to getting a check up at the doctor’s, the cryptocurrency is getting closer and closer to becoming part of every day life. Certainly, though, it has seen its share of controversy, and the fact that it has largely been used for the sale of illicit material via online black markets is a blight on its reputation. But now there’s an entirely new possibility for bitcoin users who want to use the digital currency for evil: hiding assets from a spouse.
A recent report looks at the possibility that the unique qualities of bitcoin might allow, in this case, a husband to hide finances while dividing assets in divorce proceedings. It could be especially problematic in the UK, where judges tend to recognize spouses as being more equal, while making less of a distinction between the merits of who is the breadwinner versus who is the homemaker. Considering the fact that bitcoin is hard to associate with a distinct owner, and that a spouse could discreetly and quickly move their currency into a friend’s digital wallet, divorce proceedings could be made entirely more difficult to get right.
So before walking down the aisle, maybe think about a bitcoin addendum to your prenup.