Cryptocurrency as an Asset in Divorce: Valuation, Division and Location of Currency

Recording of a 90-minute CLE webinar with Q&A

Conducted on Wednesday, February 13, 2019

Recorded event now available

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Course Materials

This CLE course will guide family law practitioners on how to handle cryptocurrency assets in a divorce. The panel will discuss how to navigate the unique issues of locating and valuing digital assets, as well as best practices for handling this marital asset.

Description

At the beginning of a divorce, one of the first steps for a family law attorney is to identify and value each spouse's assets. Cryptocurrency presents unique challenges because it does not always require the use of a third-party financial institution to hold or transmit the asset (making these assets easy to hide) and difficult to value because the value of cryptocurrency is notoriously volatile.

In today's divorce proceedings, counsel must formally request documentation concerning cryptocurrency as you would any other financial account, as well as to review financial statements for signs of cryptocurrency transactions. Failure to do so may deprive the non-cryptocurrency owning spouse of a significant financial asset. Additionally, this information may identify activities by a spouse that constitute a fraud on the marital estate.

If a spouse does own cryptocurrency, the next step is the valuation of the currency for distribution. Unlike most assets, cryptocurrency is highly speculative and subject to wild swings in value.

Listen as our panel provides guidance to family law practitioners on how to handle cryptocurrency assets in a divorce. The panel will discuss how to navigate the unique issues of locating and valuing digital assets, as well as best practices for handling this marital asset.

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Outline

  1. Overview of cryptocurrency and how it works
  2. Requesting cryptocurrency records
  3. Reviewing cryptocurrency records
  4. Requesting non-cryptocurrency and non-financial records to look for signs of cryptocurrency “mining”
  5. Reviewing financial records for evidence of cryptocurrency transactions
  6. Valuing cryptocurrency
  7. Best practices for counsel in handling cryptocurrency assets in divorce

Benefits

The panel will review these and other relevant topics:

  • What is cryptocurrency and how is it stored?
  • How can divorce attorneys locate cryptocurrency in a spouse's financial records?
  • How is cryptocurrency valued?
  • What are best practices for counsel when handling divorces that involve cryptocurrency assets?

Faculty

Speer, Andrew
Andrew Speer
Atty
O'Neil Wysocki

Mr. Speer practices both family and probate law, including asset tracing, enforcing and resolving child support...  |  Read More

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