Divorce Finances and Economics: An Overview
Getting divorced for most couples is not an easy or quick process. The division of property can be difficult, and figuring out your financial outlook post-divorce can be daunting. This is the first of several articles that we hope make the division of finances a little less overwhelming.
Before thinking about how to divide marital assets and liabilities, it is important to gather a complete list of all the assets and liabilities so you both understand what needs to be divided (and what might be “separate” and not divided).
In litigation, the gathering of information is done through a process called “discovery” and includes “interrogatories,” “requests for the production of documents,” “requests for admissions” and “depositions”. If someone doesn’t disclose something, that person will have to answer to the Court.
In mediation, however, this information gathering is done on a voluntary basis, with each person ultimately declaring that he or she has made a full disclosure of all the assets and liabilities. Although voluntary, most spouses act in good faith. One major problem for a person who does not fully disclose everything, there is a chance that a final agreement will not be enforced by a Court because of the failure of the disclosure.
Gathering the information, whether for litigation or mediation, can be overwhelming. Check out our list in our article named “Financial Documents To Collect For Divorce Mediation/Litigation.”
We hope you find these articles helpful. Feel free to comment on our articles or let us know what other topics are important to you.
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