Episode 88 of the Divorce and Your Money Show discusses the legal term discovery — one of the most important parts of any divorce. The discovery process involves finding out all the assets of your spouse, filling out the financial affidavit, and generally getting all pertinent information out in the open.
Informal discovery is optimal if both spouses are cooperating and open with each other. It could simply involve attorneys emailing all information back and forth to each other.
Formal discovery potentially has five different parts to it:
- A document demand is when an attorney officially asks for all financial and legal documents.
- A deposition is testimony given under oath. This part will usually involve a court reporter, so all questions and answers are on the record.
- An interrogatory is a written explanation of a given document to help explain questions.
- An inspection demand involves the inspection of physical property to ensure the condition and value of those properties.
- An expert opinion involves specialists determining the value of certain properties or financial instruments.
The goal of the discovery process is to understand the full scope of the marital estate, all properties contained within it, and any custody issues. During this process reveals the entire deck of cards—to make sure the divorce proceeding is fair and equitable on both sides.