Years ago, an acquaintance got busted for recreational drugs. And then they found child porn on his work computer. It was a shared machine, and he said that the porn wasn't his. But he got convicted of accessing child porn, perhaps because he was obviously dealing recreational drugs. So he served a few years in prison, and ended up on the sex offender list.
Those are the magical accusations. They don't have to prove either of them and nobody will defend you.
I have had dreams about being in a position to decide between opening my drives VS taking the contempt charge hit. No matter how long you think about it you will never really know until the day actually arrives. As possible mitigation I store my drives with shell/decoy data and very well hidden private data. Since they are off premises I can't always control access to those devices like I do at home. At least a warrant against one of the off premises drives would leave me fully intact.
I am fortunate that I live in a country where right to decline to answer questions where the answers might incriminate do indeed protect from being legally forced do provide password to encrypted files/filesystem/memory drive. However I always wondered what would I do in foreign country. I think I would not handle password too soon, because these would make it easier for cops to plant fake evidence against me. I always wondered if me or my defense attorney would be allowed to copy drive before I will handle password to cops. I also would like to have some sort of Linux filesystem that can provide cryptographic integrity protection without layer of encryption.