When you are going through a divorce, you may be surprised by how document-heavy this process is. While many have trouble managing their emotions during this complex issue, frustrations may be compounded by all the paperwork necessary to complete a divorce. Something many are unaware of is the importance of divorce discovery and supplying the correct information to the other party. This blog explores this process in more detail, including the documents you must submit and the penalties if one spouse is discovered hiding assets. Additionally, you’ll learn why connecting with a Los Angeles divorce attorney is in your best interest.
What Is the Divorce Discovery Process?
The discovery process of divorce is something that many people overlook, despite playing an integral role in the outcome of the settlement. Generally, discovery occurs during most all legal matters and is the process in which both parties exchange important information and documents. This information includes all the evidence and documentation each party plans to use during their argument. In divorce cases, each party will exchange personal and financial information, which allows both parties to understand how to handle the case.
Unlike a criminal trial, in which discovery is important for depositions and crafting a defense, the discovery process for divorce plays a considerable role in determining matters like child support, alimony, and property division.
What Information Do I Need to Supply?
Generally, you’ll receive a request from your spouse’s attorney with the documents you must submit. It can take time to gather these documents, and if you’re unsure of what is expected of you, your attorney can help you obtain and submit the correct documentation. As such, the following are common documents that must be exchanged during the discovery process:
- Tax returns
- W-2s or 1099s
- Bank and credit card statements
- Insurance information
- Business valuations
- Property appraisals
- Information about investments or stocks in your name
- Retirement account statements
Generally, any information regarding your finances can be requested during the discovery phase.
What Happens if Either Spouse Hides Assets?
California is a community property state, meaning all joint assets owned by the spouses are to be divided evenly. Discovery ensures both spouses disclose all of their property so this split between spouses is even. Unfortunately, however, you may find that some spouses will attempt to hide certain assets in the hopes of receiving a more favorable division of property.
If either spouse is discovered hiding assets during the divorce, they can face serious consequences. They may be required to relinquish these assets or can be held in contempt of court, which brings about a litany of legal issues. As such, it’s imperative to ensure you fully disclose all your assets during this process.
At the Zitser Family Law Group, we understand that compiling all the information requested by your spouse’s attorney can be a complex matter, which is why we are dedicated to guiding you through this process. When you’re going through a divorce, our team can help you so you can focus on healing from these difficult times. Connect with us today to learn more about these complex issues.
