While some couples of high asset divorces have no problem identifying and dividing property, there are some cases where certain assets may not be known by one spouse or the other, until the discovery process of a divorce. For those of us not familiar with what discovery actually refers to, it is the exchange of financial and economic information between spouses and their attorneys. This financial disclosure between spouses and the court is an absolutely necessary step in the divorce process. Considering the financial impact a high asset divorce may have on spouses, full, honest and accurate disclosure during the discovery process is crucial.
It is not completely unheard of to have one spouse hide assets or property from the other. As you can imagine, it is also common to have one spouse downgrade the actual value of assets to interested parties. It is for these reasons, among others that the process of discovery takes place. No matter what state you reside in, the value of your assets, along with your overall financial condition may impact either the division of property, child support or even alimony.
If one spouse or their attorney does not feel the information provided to them during the discovery process is entirely accurate, they may ask for additional information through a series of interrogative questions or a request for admissions. Many times, the financial information provided through these means is sufficient enough to proceed with the divorce process. However, in complex cases, a forensic accountant may be asked to examine a spouse's financials further. This in-depth discovery tactic can be extremely helpful when one or both spouses own a business.
High asset divorces are usually more complex and involved than typical divorces. For individuals looking for an accurate and honest picture of their spouse's financial situation, the process of discovery can be an eye opener. Hidden assets, accurate valuations and secret property may be among the valuable information the discovery process provides.