Divorce & Cryptocurrency War Story
Joshua Shilts shares a divorce and cryptocurrency “war story.”
Can you tell us a divorce and cryptocurrency war story?
I think the best war story I have about crypto has to do with materiality. And this was a situation where I was the second forensic accountant hired, which is always a red flag to me. I always like to know why something came off. And it stems back to emotions and not being able to dissect or diagnose whether this is an allegation that’s unfounded or an allegation that’s true. So I had a client who had spent $75,000 looking for cryptocurrency. We had a pretty long conversation, but it bent back to where did this stem from? Because I was given a ton of documentation of what they had looked at.
And again, what I had found out in that war story is that it’s really the professional’s job, in my opinion, to start kind of risk assessing what we need to look at and making sure resources are appropriately applied. I always tell my clients, if you’re spending money on me, and it’s not cheap, you should be able to calculate a return on investment. Okay. If I’m going to tell you it’s going to cost 20 whatever to get something done, spend 20 on me to look for a hundred thousand or a million. Don’t spend it on me because you saw a transaction or you saw something on an email of that nature. And what I mean is, if you saw a hundred dollars transaction, is the juice worth the squeeze?
“Cryptocurrency in Divorce” is a video series with Joshua Shilts CPA/ABV/CFF/CGMA, ASA, CFE answering important questions from divorce attorney Miles Mason, Sr. Miles attended two of Joshua’s lectures with the AICPA’s Forensic and Valuation Services annual national conference and the Tennessee Society of CPA’s annual forensic conference. “Joshua is a dynamic and exceptional speaker. We had to get Joshua on our YouTube channel!” We are fortunate he agreed to educate us on this emerging topic in family law and hope to have him back soon. View his videos:
Tracing Cryptocurrency & Finding the Crypto Wallet in Divorce
Who Gets Cryptocurrency in a Divorce?
Three Best Cryptocurrency Tips for Divorce Lawyers
Meet Josh Shilts, the Forensic and Business Valuation Expert
Joshua Shilts CPA/ABV/CFF/CGMA, ASA, CFE
President of Shilts CPA, PLLC, Mr. Shilts’ practice is located in Jacksonville, Florida, but testifies nationally. He is focused on assisting attorneys, individuals and businesses with complex financial matters and disputes. Mr. Shilts has held roles with international consulting and public accounting firms in Miami and New York City as well as positions with large public organizations. Mr. Shilts is a frequent lecturer on a variety of forensic accounting matters. He has been involved with hundreds of forensic investigations dealing with a variety of matters involving personal and business disputes as well as the identification and mitigation of fraudulent activities. Clients have sought Mr. Shilts’ advice and services because of his unique industry experience and knowledge.
Mr. Shilts has provided expert testimony in commercial and family matters surrounding business valuation, economic damages, fraud and other applicable disciplines surrounding economic and accounting issues. He has been qualified as an expert and testified in State and Federal courts.
To learn more about Mr. Shilts and his firm, please view: Shilts CPA, PLLC.
For more discussion, see Property Division in Tennessee Divorce and view our video Is Tennessee a 50 50 divorce state?
