A key element of every divorce is dividing up a couple's assets and liabilities. This may sound relatively simple, and sometimes it is. However, our lives are becoming ever more financially complicated. You don't have to be part of the one percent to have stock portfolios, retirement plans, business partnerships, trusts and valuable collectibles. Moreover, the older you are when you divorce, the more of these assets you and your spouse have likely accumulated.
If one soon-to-be-ex is less than forthcoming about his or her real income and/or assets, the goal of getting a fair settlement can become even more complicated for the other spouse. People who own their own businesses can often hide income or assets more easily than other people. Even people who are genuinely trying to be fair may forget about a pension from a job they had many years ago, as a June 27 New York Times article on later-in-life divorce noted.