Texas Divorce: Keeping Up with Money Moving Apps
As technology continues to make headway into previously uncharted territories, it is not always easy for the law to keep up. Venmo (and other money-moving apps like it), for instance, can act like a middleman in personal banking transactions. Because the ins and outs of these apps are not necessarily on the courts’ radar, some unscrupulous spouses are not above using them to attempt to hide money and assets in a divorce. If you are going through a divorce, you need an experienced Central Texas divorce attorney on your side.
A Financial Landing Pad
Money apps like Venmo can function as a stopping ground for money. Venmo syncs with a user's Facebook account and allows him or her to send money to and receive money from Facebook friends. Once the user's Venmo account has been set up, however, the user can connect with virtually anyone who uses Venmo, including employers, suppliers, and customers. Venmo also syncs with users' bank accounts so that funds can flow easily between parties who connect on the Venmo app. If such apps acted merely as conduits to move funds from one user's account to another's, there probably would not be an issue. Venmo – and other apps like it – however, can serve as a landing pad for money. The funds are not moved into the recipient's bank account until the recipient triggers the transaction, and this is where things can get complicated.
Our Evolving Economy
As more and more people take on side jobs and freelance work, it can make getting an objective snapshot of a divorcing spouse’s financials that much more difficult. Freelance employment and contract work can be very lucrative, and more and more such employers are paying through apps like Venmo. If your spouse chooses to hoard funds by parking them in a Venmo account before pulling the trigger on making a deposit in a personal account until thirty days after your divorce court date, he or she can thwart you from obtaining your just and right share of marital assets.
Apps like Venmo lie somewhere between banking apps and social media apps, and such accounts are often overlooked in the divorce discovery process. If you have concerns about your spouse hiding funds in the divorce process, bring it up with your attorney. An experienced Central Texas divorce lawyer will dig for hidden assets, including requesting a copy of all money-app feeds, transactions, and activity.