Both the use of assert and the raising of exceptions are about communication.
Assertions are statements about the correctness of code addressed at developers: An assertion in the code informs readers of the code about conditions that have to be fulfilled for the code being correct. An assertion that fails at run-time informs developers that there is a defect in the code that needs fixing.
Exceptions are indications about non-typical situations that can occur at run-time but can not be resolved by the code at hand, addressed at the calling code to be handled there. The occurence of an exception does not indicate that there is a bug in the code.
Best practice
Therefore, if you consider the occurence of a specific situation at run-time as a bug that you would like to inform the developers about ("Hi developer, this condition indicates that there is a bug somewhere, please fix the code.") then go for an assertion. If the assertion checks input arguments of your code, you should typically add to the documentation that your code has "undefined behaviour" when the input arguments violate that conditions.
If instead the occurrence of that very situation is not an indication of a bug in your eyes, but instead a (maybe rare but) possible situation that you think should rather be handled by the client code, raise an exception. The situations when which exception is raised should be part of the documentation of the respective code.
Is there a performance [...] issue with using
assert
The evaluation of assertions takes some time. They can be eliminated at compile time, though. This has some consequences, however, see below.
Is there a [...] code maintenance issue with using
assert
Normally assertions improve the maintainability of the code, since they improve readability by making assumptions explicit and during run-time regularly verifying these assumptions. This will also help catching regressions. There is one issue, however, that needs to be kept in mind: Expressions used in assertions should have no side-effects. As mentioned above, assertions can be eliminated at compile time - which means that also the potential side-effects would disappear. This can - unintendedly - change the behaviour of the code.
