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How could cryptocurrency affect your future after divorce?

On Behalf of | Oct 1, 2021 | Divorce

One of your main priorities during your divorce is securing a financial settlement that allows you to have a strong and stable future. This requires a fair division of all marital property, which includes all assets and wealth accumulated over the course of the marriage. In order for the property division settlement to be equitable, both spouses must provide a full financial disclosure with details about all assets and debt.

Unfortunately, the property division process can be complex and unfair in situations where a spouse tries to hide assets. There are many ways a spouse could attempt to hide assets and prevent you from getting your fair share of marital property, and one of these ways includes the use of cryptocurrency. Digital currency is hard to find, making it a popular choice for hiding wealth during divorce proceedings.

What can you do about it?

If you suspect your spouse is hiding assets, you will likely want to explore your options for protecting your interests. There are specific steps that could allow you to locate potentially hidden assets in the form of cryptocurrency and fight for the full amount you deserve. Some of the things you may have to do include the following:

  • Look for signs of newly acquired wealth, such as the purchase of an expensive new car or a new house.
  • Carefully evaluate required disclosures and financial records in order to determine if there are transactions that may indicate an investment in cryptocurrency.
  • If there is a reason to suspect hidden assets, it may be necessary to get a subpoena for access to accounts and devices in order to find cryptocurrency.

The use of cryptocurrency as a means of hiding assets during a divorce is a relatively new trend. These assets are difficult to track and identify, and it can be a lengthy process to find all marital assets to which you have a rightful claim.

An impact on your long-term interests

The terms of your divorce order matter. They will affect your finances for years to come, and it’s in your interests to seek terms that will allow you to have stability and security well into the future. If you suspect your spouse is hiding assets from you, you would be wise to take quick action to locate and value all marital property before you agree to any terms.

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