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Financial Discovery Issues in Divorce Cases

In divorce, financial discovery concentrates on the economic aspects of the marriage and the spouses' financial circumstances. Detailed financial discovery allows both spouses to obtain the information needed to present a complete and accurate representation of the family's assets and liabilities. With that information, the divorce court can fashion a fair marital property division and an appropriate support order.

Dischargeability in Bankruptcy of Obligations for Alimony, Domestic Support, and Maintenance

Dischargeability of debt is one of the core principles in bankruptcy law, and it plays a large part in the "fresh start" for debtors. Discharge cancels debt and stops collection activity for the discharged debt. There are a variety of debts that are not dischargeable in bankruptcy, including alimony and child support.

Uncontested Divorce Actions

In general, uncontested divorce actions occur when either of the spouses does not appear in court in a divorce proceeding or when both the spouses mutually agree upon a divorce and on matters relating to financial settlements, custody, and/or support of their minor children. Typically, that mutual agreement is shown in the divorce petition, and it may include a waiver of service. Uncontested actions may arise in proceedings for dissolution of marriage, annulment, and separation.

Fault-based Divorce: Adultery

There can be various grounds for seeking a divorce; adultery is stated as a reason for divorce in the laws of the majority of states that allow fault-based divorces. Adultery is defined as voluntary, consensual sexual intercourse or sexual activity by a married person with someone other than their legal spouse. While intercourse is usually required, something less may amount to adultery under the divorce laws in some states.

Role of Valuation Experts in Divorce

Property division between the spouses is an important issue in a divorce proceeding. Ascertaining the correct and proper value of the assets and properties of the spouses is key to ensuring a fair and equitable division of the parties' assets. The advice of an expert, who is skilled either by training, special knowledge, education or experience in the specific field beyond the knowledge of an ordinary layman, will be of great help for clearly defining and ascertaining the value of property for future divisions and tax procedures, etc. A common example would be an accountant with specific knowledge of the formulas utilized to calculate the present value of various retirement interests.