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How cryptocurrentcy can affect high asset divorce

There can be no argument that technology has vastly improved the lives of all Americans. However, the pace and scope of technological advancement is difficult to grasp, even for those who work within tech industries. That leaves many Massachusetts residents unaware of developments within technological fields. During the course of a high asset divorce, it is important to understand the tools and services that one spouse can use to conceal marital wealth from the other.

Cryptocurrentcy is a prime example. Companies such as Bitcoin offer account holders a means of storing and transferring wealth while maintaining a high degree of anonymity. That appeals to spouses who seek to shield marital assets from the property division process. Creating a Bitcoin account and transferring funds from personal or marital accounts over a period of time can leave one spouse with a drastically inaccurate estimation of marital wealth.

It is important to note, however, that technology has also created tools that can be used to detect this type of activity. A forensic accountant can review a family's financial information and determine whether there are transactions that arouse suspicion. While companies such as Bitcoin offer a high degree of anonymity, it is possible for a skilled professional to determine ownership of accounts and detect improper transfers.

For those in Massachusetts who are preparing for a high asset divorce, it is important to contemplate the possibility of hidden assets. A professional review of family financial information can ensure that the property division process will play out properly. That can provide a great deal of peace of mind to a spouse who is ready to enter the next phase of his or her life with a high degree of financial security.

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

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