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.
Colorado residents who get a divorce may only have retirement accounts or other modest assets to divide when their marriages end. However, people like Amazon founder Jeff Bezos have complicated assets like stock and stock options that can be tricky to value. They could also have assets like paintings or offshore bank accounts that may be harder to divide in a divorce.
For many divorced people, there's a realization that their ex-spouse is hiding money in order to prevent it from being distributed fairly. These individuals fall into a few categories: a person currently going through divorce seeking fair compensation and people who are already divorced and aren't receiving court-ordered payments. Whether it's a good idea for these individuals to pay a professional to find concealed assets depends on a variety of factors.
Statistics show that more Americans are getting divorced nearer to retirement age. It's important to note that these "gray divorces" can present unique considerations for the spouses involved. Instead of child custody, this age group may be concerned about losing half of the assets they have spent a lifetime building. Annuities can be particularly complicated to divide, and some couples in Colorado may opt to trade them for other assets since they could lose value when split.
When people in Colorado make the decision to divorce, sorting out financial matters can be one of the most complex parts of the process. Retirement funds are often the largest assets held by a couple. These types of investment funds can be a major vehicle for future savings and pose some tricky questions when it comes time for property division in a divorce.