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Why divorcing couples need to look at the digital world


Why divorcing couples need to look at the digital world

On Behalf of | Apr 6, 2022 | family law |

Traditionally finding hidden assets in a divorce was less challenging. You could scroll through paper records and get bank statements to trace most things.

Then people began to hide things out of state or offshore, making them even more challenging to trace. Now you need to look beyond this world.

Cryptocurrency is an increasingly popular way to keep assets

People use cryptocurrency because of the privacy it provides. Once, people assumed they could keep it hidden from the IRS, but things are changing in that aspect. They can still use it as an effective means to hide large chunks of money from their spouses though.

Even if your spouse is not tech-savvy, their financial advisors could be, so do not rule out your spouse having cryptocurrency because they still use an old-school Nokia phone.

Non-fungible tokens (NFTs) are another option

Many people have no clue what an NFT is, yet they are gaining traction fast. People are paying real money to trade virtual assets in a fantasy world called the metaverse. Sound strange? It does not matter what you think. All you need to know is that your spouse could be hiding some of their wealth from you in them.

This is all way above my head: What do I do know?

First, you need to consider if you think your spouse is hiding assets or not. Most people do not, but if you have even a small suspicion it pays to check it out. You do not need to start reading tech mags. What you need is to contact a team that has the knowledge and experience to investigate all possible places where assets may be hidden. Finding them gives you the best chance of a fair property division outcome.