An increasing number of divorcing couples in Virginia who have to address cryptocurrency holdings may find that the divorce process is more time-consuming and complicated than they thought. This is because dealing with cryptocurrency assets brings with it a number of issues.
Ever since the launch of the Bitcoin in 2009, cryptocurrencies have been a part of the financial industry. However, there are few family law firms that have the knowledge or expertise necessary to properly handle such assets. Cryptocurrencies can be notoriously difficult to valuate as their prices are constantly changing. The nature of the assets also makes them very easy to conceal if divorcing spouses do not want to disclose all of their financial assets.
If cryptocurrency assets were purchased using an online exchange, finding them is likely to be a straightforward process. It is when they are purchased from a seller directly and then transferred offline that they become nearly impossible to track down.
The date on which a divorce petition is filed is typically used as the date for when assets are valuated. However, a growing number of people believe that using other dates, such as when an asset is distributed, may be more suitable for providing a more accurate valuation. In order to properly determine the value of cryptocurrency assets, it may be necessary to have valuations conducted multiple times over the course of a divorce.
A divorce attorney may advise clients about which legal strategies should be pursued to obtain the desired settlement terms for property division. If necessary, the attorney may consult outside professionals, such as financial experts, to assist with properly valuating potentially high-value assets, such as cryptocurrencies, that may be difficult to valuate traditionally. Independent investigations may be conducted to located any assets concealed by the opposing party.