What is financial discovery in a divorce?

In a divorce case, it is important that both parties exchange a Statement of Net Worth with each other so both parties are aware of the other spouse’s income, assets, and employment. Discovery is the exchange of information and evidence between parties that may be relevant to the case. Typically, in a divorce all income and financial assets are relevant. In most cases, discovery will go back anywhere from 3 to 5 years. The process is not always easy. It is time consuming for one party to gather all this information an it is also time consuming for the other party to review. Even if you believe you know your spouses assets, engaging in discovery is an important way to confirm full disclosure has been made other oath and it is also critical for due diligence purposes. Participating in the discovery process should provide you with some peace of mind that you are receiving a fair settlement or help you at trial.

In New York, either spouse has the right to discover almost any financial document and/or financial information about their spouse. Attorneys regularly compose a Demand for Discovery and Inspection which lists demands for documents. Typically, both parties will serve a demand for discovery on the other. However, if your spouse is uncooperative in the divorce process, your attorney may issue subpoenas to compel discovery. A subpoena can be issued to banks, credit card companies and almost any entity. Subpoenas will be issued to places where you believe your spouse holds accounts, his or her employers, etc. This method is extremely effective when dealing with an uncooperative spouse because there is no need for the spouse’s consent and requires zero involvement from them. Attorneys at Capetola & Divins, effectively execute subpoenas regularly to acquire the necessary information to effectively represent clients in their divorce.