12 Feb What is “discovery” and why is it necessary in a high asset divorce?
“Discovery” is the term for the exchange of information between parties involved in a legal matter. Even though completing discovery adds to the expense of a case, it is important because it often turns up facts that were previously unknown to at least one party. In a high asset divorce, a proper reporting of all assets and liabilities is necessary to ensure you are not left holding onto liabilities that should not be yours, or giving up assets that you are not obligated to let go. When a married couple has a great deal of wealth, one of the parties is usually financially sophisticated while the other is less so. It is important to determine what assets exist and investigate whether any attempts to hide assets have been made. The discovery process is important and not following it through could be a costly mistake.