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Bitcoin may end up being used to hide assets during divorce

Dissolving a marriage in Montana is never an easy process, as it involves both the emotional and the financial aspects of a marriage. The divorce process can be even more difficult for those who have been married for years or even decades, as their lives are more intertwined. As a result, spouses who have a great deal to lose financially in their divorces may end up turning to cryptocurrencies, such as Bitcoin, to hide their money from the other party.

Bitcoin, which made its debut in 2009, is the biggest cryptocurrency in the world. A cryptocurrency is essentially money that exists in digital form and is not linked to a financial institution. This type of currency does not receive government backing.

Bitcoin has become popular because transactions performed with it on the World Wide Web are anonymous. In addition, a Bitcoin account is secret, so the assets in it are hard to identify compared with an investment or bank account deposit. For this reason, it is drawing attention as a tool that divorcing individuals may use to conceal their valuable assets from their former spouses.

If two spouses can work together during divorce, instead of trying to hide money from each other, they may be able to more quickly and amicably finalize their divorces and move on with their individual lives. However, this does not always happen. In cases where one suspects that the other party is hiding money, an attorney in Montana can play an instrumental role in helping to uncover these hidden assets and ensuring that one's rights are ultimately protected during the divorce proceeding.

Source: bna.com, "Bitcoin the New Mattress Full of Cash for Divorce Cheats", David McAfee, Dec. 28, 2017

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