Forensic Accountants Can Help You Find Concealed Cryptocurrency

Divorce rarely comes out of nowhere; it’s usually the result of a long, slow decline in relationship quality. Trust, which is one of the main components of a good marriage, has often evaporated entirely by the time people in South Carolina divorce. This lack of trust can manifest in various ways. For instance, a spouse might try to hide assets from his or her partner. Cryptocurrency, which is the Wild West of financial activity, is a way some people attempt to conceal money from a spouse. Finding the money might be difficult without the help of a forensic accountant.

What forensic accountants do

Forensic accountants use data to figure out where people have squirreled away money. The legal system calls upon these accountants to help sort out financial crimes. During a legal proceeding like divorce, a forensic accountant may be helpful.

How to find cryptocurrency

Though cryptocurrency can provide cover for people involved in money laundering and other unsavory behavior, it’s not entirely opaque. To get cryptocurrency, someone has to purchase it. That transaction leaves records.

A forensic accountant can check someone’s bank or credit card statements for transactions that indicate the purchase of cryptocurrency. An investigator might then subpoena the cryptocurrency exchange to get more data about where the money went from there.

Investigators can also examine the blockchain, which keeps data about transaction histories of money held in cryptocurrency. In some cases, data shows that someone used the cryptocurrency to make purchases. Investigators might subpoena relevant businesses.

If your spouse is using cryptocurrency to obscure the location of marital assets, that’s a tricky situation. Fortunately, it’s not hopeless. If you’re worried that your soon-to-be ex is concealing assets, a divorce attorney may be able to help you explore your options.