When couples in Connecticut and around the country divorce, asset division is an important element of the process. This is because there is an assumption that both parties should be able to leave a marriage with the resources needed to rebuild their finances and move on with their lives. Doing this requires careful accounting of a couple’s finances and debts.
Unfortunately, determining the value of a marital estate, which includes monetary assets, such as bank and investment accounts; real estate; personal property; and, in many cases, debts, has become more challenging in an age of cryptocurrency. Many individuals have elected to invest in cryptocurrency, which can be difficult to value given that it is a relatively new financial instrument that is a part of a volatile market.
The nature of cryptocurrency is such that it may also be possible for a spouse to make investments that can be difficult to trace. If he or she fails to disclose this fact during divorce proceedings, the resulting asset division may not be fair to the other spouse. In addition, there is currently some controversy within the legal community regarding whether the value of marital assets should be calculated when they’re distribution rather than at the time of a divorce.
Individuals who are concerned about the valuation of assets at the time of a divorce may benefit from speaking with an experienced family law attorney. A lawyer may recommend the hiring of a forensic accountant who could identify the possibility that a person’s spouse is hiding assets via cryptocurrency. In addition, financial professionals could also make recommendations regarding determining the value of cryptocurrency investments.