Although cryptocurrencies have been around for about 10 years, their popularity surged in 2017 when the price of a single bitcoin hit $20,000. Even though bitcoin has since lost much of that gain, cryptocurrencies remain popular with Colorado investors. This is causing many divorce attorneys to revise their methodologies when it comes to determining the value of a couple’s assets. Some lawyers have updated their asset forms to include cryptocurrencies as a line item.
Since cryptocurrencies are virtual assets that are encrypted and largely unregulated, it is sometimes tempting for a person to use them as a way to hide assets from his or her spouse. In one recent divorce case, a husband tried to hide cryptocurrency assets worth about $100,000. However, the attempt was discovered when the man’s bank statements were analyzed. Financial experts warn that divorce cases involving cryptocurrencies can be very complicated and difficult to resolve.
While cryptocurrencies may not have a bearing on divorce cases where both spouses within a middle-class family have regular jobs, it most likely will affect cases involving wealthy spouses who want to hide assets. One of the problems in dealing with this issue is that current laws regarding divorce do not address cryptocurrencies. While such laws are likely coming at a future date, they may be slow to implement.
It is crucial that all assets of both spouses are properly accounted for and included in the divorce settlement. This is especially true in high-asset cases, where it might be easier for a spouse to hide assets. In such cases, a person seeking a divorce or being sued for divorce might want to contact one of the leading Greenwood Village, Colorado, high-asset property division divorce attorneys in order to get an equitable settlement.