VENMO, PAYPAL AND OTHERS: GAME CHANGER IN DIVORCE!

December 21, 2021

Today’s hi-tech world changes the way we need to approach the process of divorce. Most of us use third-party money transfer apps – Venmo, Cash App, Paypal, and Zelle – for everyday purchases. We know these apps allow you to click a button and quickly receive or send money. But did you know that these accounts can be critical in your divorce process? Yes, it’s true! When these apps were created, they may not have been considered a way to hide assets during a divorce proceeding. Sadly, the reality today is that they can do just that!

Payment Apps Often Go Unnoticed

Venmo and the other third-party money holding apps are handy tools. The ability to pay anyone at any time of day has become valuable to us. However, these apps store funds and are often undetectable in a divorce. We will explain how.

Zero Balance Today – Thousands Tomorrow

When you send money through Venmo or other similar apps, you never see what happens on the receiving end. The receiving party needs to “accept” the money transfer or go into a third-party account. So, if you review your spouse’s Venmo statements, it may show a zero balance on the day of your marriage’s dissolution. It is possible, by the end of that same day, your spouse accepts two thousand dollars into their Venmo account – even before the ink has dried on your divorce decree. Voila – $2,000 unaccounted for in the divorce!

A Total Game Changer!

Third-party money holders, Paypal the like, are not typical money accounts and would not normally be requested in the money-account reviewing process of your spouse. As a result, researching a PayPal or Venmo account may not even be “on the radar” or considered. These apps are not a bank account or a credit card, so it’s uncommon for parties in a divorce to disclose their use of Venmo, Paypal, Zelle, or the like. However, these apps are reviewable accounts, and we can acquire statements with additional discovery requests. If you suspect your spouse is using these apps or sites, please inform our office. We will look into the matter to protect your best interests.

A Meeting Can Define Your Course of Action

Technology has redefined the dynamics of the divorce process. We understand that at McCririe Law! If you need divorce or child support services, contact our firm at McCririe Law. We want to sit down with you during our free initial consultation to determine the specifics of your situation. We have over 40 years of legal experience and will fight for the best outcome for you and your children. Please get in touch with us at 810-229-6167 for an appointment.