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Be on the lookout for hidden digital assets in your divorce

Most people have heard at least one or two stories about a person who gets divorced where, during that process, their spouse takes advantage of them. Many times, the issues people experience stem from an unfair division of marital assets and debts by the courts. In fact, some people facing divorce will take drastic steps in their effort to hide assets from the Colorado family courts and their spouse.

They do this to avoid needing to share those assets. After all, the courts will typically do their best to fairly divide any possessions or debts that you acquired during marriage. Some people create hidden accounts or try to transfer assets out of the marital estate before filing for divorce. They may slowly build a secret cache of money that should actually be subject to division in the divorce.

Others get more creative, potentially using more unusual assets as a way to hide value from the marriage. Digital assets like cryptocurrency such as Bitcoin are increasingly common sources of contention in higher asset divorces.

Digital assets can be harder to locate

One of the reasons that unscrupulous spouses use Bitcoin, cryptocurrencies and similar digital assets to game the divorce system is that it is simply harder for people to track down those assets. For example, most cryptocurrencies don't involve an account in an individual's name. Instead, they have a blockchain record of their purchase transaction. If you don't have the information related to that purchase, it will be very difficult for you to locate or validate those assets.

However, just because they're harder to find doesn't mean it's impossible to do so. Even the IRS has found ways to track down cryptocurrency owners in order to ensure that they pay taxes on their capital gains related to cryptocurrency investing. Although it may be hard for you to handle on your own, professional help can make all the difference in locating hidden digital assets.

Professional financial services can prove invaluable in a contentious divorce

If you have any reason to believe that your spouse would hide assets from you, especially if you think they have invested in cryptocurrencies during your marriage, you might want to sit down and talk with a financial specialist, such as a forensic accountant.

These professionals know exactly how to track attempts to hide marital assets by following the trail of money as it enters and leaves your household. Obtaining accurate copies of your financial records for the duration of your marriage, especially the last few years, is a critical step toward finding hidden assets in a pending divorce. If you worry about hidden assets affecting your divorce proceedings, that is one very good reason to work with an experienced Colorado divorce attorney.

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Law Office of Alexandra White, PC
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Centennial, CO 80111

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