Here is What You Should Do if You Believe Your Spouse is Dissipating Assets

 Posted on May 03,2023 in Division of Assets

Divorce is a taxing and emotional time. Dissipating assets during divorce is not uncommon when parties may feel disadvantaged by the looming proceeding. When one spouse dissipates assets during a divorce to exercise control over the outcome of issues like property division, it is illegal. Today, we will delve deeper into what you should do if you think your spouse may be dissipating assets.

What is Dissipation of Assets?

Dissipation of assets occurs when one spouse spends marital funds or assets for purposes unrelated to the marriage. This can include gambling, unnecessary expenses beyond reasonable requirements to maintain a particular lifestyle, making investments irrelevant to the marriage, or spending money to support an extramarital affair.

What to Do if You Suspect Asset Dissipation

Here is what to do if you think your spouse is dissipating assets, including:

• Document your findings – It is vital to document your spouse's spending habits during the divorce process. Document all potential transfers of funds or property.
• Review bank statements and other financial records – Obtain financial documents such as bank statements, credit card statements, and investment account information over the last year or more.
• Consult with a financial professional – Consulting with financial professionals, such as accountants or financial advisors, may help provide evidence to support your claim.
• Discuss your concerns with an attorney – Dissipating assets is a serious matter that should not go unpunished. Discuss your legal options with your attorney if you think your spouse is dissipating assets.

Additional Considerations

Keep in mind that claims that your spouse is dissipating assets are very serious claims not to be taken lightly. Make sure you have evidence to support your claim. Also, remember that the dissipation of assets needs to be significant. For example, if your husband has been buying his girlfriend flowers or taking her to fancy restaurants, these activities will not be considered dissipating assets. You also cannot claim that your spouse is dissipating assets as a way of getting back at them for wrongdoings you feel they committed during your marriage. And if you condoned your spouse's spending habits during the marriage but suddenly find such habits disagreeable, likely, the court will not consider this to be asset dissipation either.

Contact a Naperville, IL Divorce Attorney

Contact the well-respected DuPage County divorce lawyers with Calabrese Associates, P.C. for more information. Call 630-393-3111 for a private consultation.

Source - https://www.forbes.com/sites/jefflanders/2016/11/01/what-is-dissipation-of-assets-in-divorce-and-what-if-anything-can-you-do-about-it/?sh=f4681863ec01