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What if a spouse refuses to play by property division rules?

It's no secret that divorce can be a very messy process. Many in Kentucky who have gone through it know how stressful and complicated it can be to end a marriage in court. From emotional turmoil to financial disagreements and problems regarding parenting plans, it's well and good to hope an agreeable settlement will be achieved in a timely manner, but it doesn't always turn out that way. In fact, many times contentious battles arise, especially when a spouse tries to hide assets to avoid property division.

Full disclosure is the name of the game when it comes to asset division in divorce. Although state laws vary, and it's best to go in armed with information (such as whether a particular state is a community property or equitable division state), it's not always possible to foresee potential problems. When negative surprises occur, it can be quite challenging to overcome the obstacle and rectify the situation.

An experienced family law attorney can assist someone who believes a soon-to-be former spouse is hiding assets to avoid division, which is against the law. Reportedly, this type of deception is occurring more often since advanced technology has provided online transaction services like Bitcoin. When someone wants to hide money, the system can be used to transfer it to another person using a string of numbers assigned to them, rather than entering name, address or any other personal information.

Property division in Kentucky follows equitable division guidelines. This means it is not automatically assumed that all assets acquired after marriage are jointly owned and subject to equal division. Anyone facing problems regarding possible hidden assets or other divorce complications can gain assistance by enlisting the services of a skilled attorney.

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

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