As we all know, the divorce process can be convoluted and difficult to navigate for everyone involved. Financial issues often confound an already complex situation.
The discovery process is designed to provide a clear picture of each spouse’s financial situation for purposes of determining alimony, child support, and the division of assets and liabilities. However, the simple process of exchanging financial records can be a recipe for disaster if either party fails to disclose income or assets.
In some situations, nondisclosure of income or assets may be explained by a lack of knowledge—simply not knowing what to provide. For example, a spouse may not realize that fringe benefits provided by his or her employer are included as marital income. On the other hand, the deliberate nondisclosure of income or assets can exacerbate anger and cause mistrust.
Working with a financial professional skilled in the discovery process is often necessary in order to take a deep dive into the opposing party’s financial records. A forensic accountant can help clients accurately complete the financial affidavit, as well as analyze the other spouse’s own affidavit and supporting documents.