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Protect against hidden assets during a Colorado divorce

As a marriage comes to a close, the primary focus of both spouses is often on the division of marital wealth. Disentangling finances in a fair and equitable manner can be a challenge. However, that challenge is exponentially more difficult when one spouse seeks to hide assets from the other during the course of their Colorado divorce.

Technology has created a wide range of options when it comes to conducting financial transactions. Bitcoin is a prime example and is one of the most well-known cryptocurrency players in this newly emerging field. Bitcoin offers users the chance to store wealth in a digital format and to make various types of financial transactions with a high degree of anonymity.

To a spouse who is drawn to the idea of shielding assets from the property division process, companies such as Bitcoin offer an appealing option. Over time, a great deal of wealth can be transferred from a spouse's personal or marital accounts and into a Bitcoin account. Often, those transfers go unnoticed by the other spouse.

For those in Colorado who suspect that their partner may have made use of services such as Bitcoin to deliberately shield assets from property division efforts, it is important to take an aggressive approach. That process begins by hiring a forensic accountant to comb over family financial information, and to look for discrepancies and omissions. In cases where assets have been improperly transferred, documenting those actions can have a great deal of impact on the eventual divorce settlement.

Source: The Huffington Post, "Hiding Assets with Bitcoin in Divorce", David Centeno, Feb. 23, 2017

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