Why Is the Discovery Process Important For High Net Worth Divorce?

person looking through a file folder

When you and your spouse get married, divorce is likely the last thing on your mind. However, for an estimated 50% of all couples, this is a reality. As such, understanding what happened during divorce is critical. One of the most important parts is the discovery process, which helps ensure there is full disclosure and transparency regarding assets from both spouses. Ensuring you connect with experienced Los Angeles high net worth divorce attorneys is necessary to ensure you have competent legal representation during this complex matter. Read on to learn more about why discovery is critical.

What Happens During the Discovery Process?

During the discovery process, each party will share information regarding their finances, assets, and income. This allows each party to examine the assets of the other to determine how they want to negotiate. Discovery is only necessary during contested divorces, as these are the divorces that go to trial.

When you file for divorce, you must submit a Notice or Request to Produce Interrogatories. Your spouse then has thirty days to respond to the interrogatories. Generally, they must provide a considerable amount of information, such as documents only available to your spouse regarding assets and debts, facts that support their side, and written answers to questions you have regarding the divorce they are obligated, under oath, to respond truthfully to.

If My Spouse Is Lying or Hiding Assets, What Consequences Will They Face?

If you find inconsistencies or omitted information during the discovery process, it’s essential to understand that your spouse can face civil and potentially criminal liability for their deception. Generally, this can warrant either a perjury or contempt of court charge. This is because the discovery process requires you to sign an affidavit, which means you are swearing the information you are providing is truthful.

You can also find that, depending on the circumstances of your divorce, if your spouse is discovered hiding assets, the courts can rule in your favor, and they may even award you the assets hidden from you.

Should I Connect With a Lawyer for This Process?

It’s important to understand that this process can be arduous and complex, as there is a considerable amount of information you need to prepare before handing it over to your spouse and their attorney. Additionally, when you receive your spouse’s information, you may not know how to examine it or spot inconsistencies.

As such, it’s imperative to understand that you should connect with an experienced attorney as soon as possible. Your divorce can impact your financial future, so ensuring you recover the funds you are entitled to is critical.

At the Zitser Family Law Group, APC, we understand how frustrating these matters can be, which is why we’re dedicated to fighting for you. If you are going through a contested divorce and are worried about the discovery process, you’ll want to connect with an experienced attorney as soon as possible. Connect with us today to learn how we can assist you through these challenging and complex financial matters.

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