EP 88: Keep Your Spouse from Hiding Money through Proper “Discovery”

discover-hidden-money

Episode 88 of the Divorce and Your Money Show discusses the legal term discovery — one of the most important parts of any divorce. The discovery process involves finding out all the assets of your spouse, filling out the financial affidavit, and generally getting all pertinent information out in the open.

Informal discovery is optimal if both spouses are cooperating and open with each other.  It could simply involve attorneys emailing all information back and forth to each other.

Formal discovery potentially has five different parts to it:

  1. A document demand is when an attorney officially asks for all financial and legal documents.
  2. A deposition is testimony given under oath.  This part will usually involve a court reporter, so all questions and answers are on the record.
  3. An interrogatory is a written explanation of a given document to help explain questions.
  4. An inspection demand involves the inspection of physical property to ensure the condition and value of those properties.
  5. An expert opinion involves specialists determining the value of certain properties or financial instruments.

The goal of the discovery process is to understand the full scope of the marital estate, all properties contained within it, and any custody issues.  During this process reveals the entire deck of cards—to make sure the divorce proceeding is fair and equitable on both sides.

Thank you for listening to the Divorce and Your Money Show. Visit us at www.divorceandyourmoney.com and be sure to check out the NEW courses Steps to Take Before Divorce and How to Get a Divorce without Losing Everything.

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Shawn Leamon, MBA, CDFA

Dallas, Texas

Shawn C. H. Leamon is Managing Partner of LaGrande Global, a firm that helps successful families manage large financial transitions like divorce, inheritance and selling a business.

He earned his Bachelor of Arts from Dartmouth College, double majoring in Economics and Philosophy, and his Masters in Business Administration at Spain’s IE Business School.

Before founding LaGrande Global, Shawn helped manage $1.1 billion in client assets at Bernstein Global Wealth Management. He also worked as a credit research analyst at J.P. Morgan. He is a Certified Divorce Financial Analyst, and he has been an advisor to numerous high-stakes divorce cases.

Shawn is the author of two well-received finance books: Managing Private Wealth: Principles, and Divorce and Your Money: The No-Nonsense Guide, both published in 2016.

In his spare time, Shawn is an ultra-endurance athlete and has competed in events as long as 24 hours. He is an Eagle Scout and a member of the Alumni Board of Greenhill School.