Dissipation of Assets in Divorce - What is It and What Can You Do?

 Posted on October 20, 2016 in Hidden Assets

For some couples, the path to divorce is fairly peaceable. They know their marriage is ending, may even remain friends, and simply want to move on with their lives. For others, the process is contentious. They may bicker over seemingly trivial issues because they feel hurt or betrayed. One or both parties may seem greedy, petty, or spiteful. Such divorces can become so ugly that things - assets, money, furniture, artwork, and other things of value - start to disappear. This is known as a dissipation of assets.

Are Your Marital Assets Being Wasted?

Spotting a dissipation of assets might seem like a simple, straightforward, and easy thing to do. After all, if there is money missing, then it would make sense that it is being wasted. However, this is not always the case. In fact, there are many ways to secretly or covertly drain assets. Examples might include going to strip clubs, which typically have bland names to "preserve privacy of their patrons," running up credit card debt, or withdrawing money directly from an account to prevent tracking. In all of these situations, and any other similar situations, it is critical that you contact an experienced attorney for assistance.

What You Need to Know

A dissipation of assets should be taken seriously. It can greatly diminish the settlement in your divorce if you miss it, and it may even lead to financial instability. Yet, it is important to point out that a handful of small purchases may not be considered enough evidence for a case. Instead, the claim usually involves a substantial amount of dissipation. It is also typically reserved for frivolous and out of the ordinary spending. So, for example, if you have always felt that your spouse spent too much money on a hobby, you may not be able to use this claim during your divorce. For more information on when dissipation of assets applies, speak to an experienced divorce lawyer.

How Our DuPage County Divorce Attorneys Can Help

If you suspect a dissipation of marital assets, turn to The Stogsdill Law Firm, P.C. for help. Experienced in handling high asset divorces, we with forensic accountants and other skilled professionals to uncover asset wasting and dissipation. We will protect your rights, manage the legal complexities, and fight aggressively for a settlement that is fair for your situation. Call 630-462-9500 today.

Sources:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

http://www.aaml.org/sites/default/files/dissipation%20of%20marital%20assets-comments-20-1.pdf