What to Do if You Think Your Spouse is Dissipating Assets

 Posted on April 11, 2023 in Divorce

 Dissipation of assets during divorce is a serious issue that can arise when one spouse uses marital property solely to benefit themselves for a purpose unrelated to the marriage. This may include extravagant spending, gambling, or investing in a new romantic partner. If you suspect your spouse is dissipating assets, taking the necessary steps to protect yourself and ensure a fair settlement is crucial. The first step of which should be hiring an experienced divorce attorney who can help you ensure your rights and best interests are fully protected. 

This is What You Should Do if You Think Your Spouse is Dissipating Assets 

If you believe your spouse is intentionally squandering marital assets, here is what you should do:

• Gather evidence – The first step in addressing the suspected dissipation of assets is to gather evidence. This may include reviewing bank statements, credit card statements, and other financial documents demonstrating excessive spending or unexplained transactions. It is crucial to make copies of any relevant documents and keep them in a safe place, as you may need to present this evidence in court.

• Consult with a knowledgeable attorney – If you have concerns about your spouse dissipating assets, it is essential to consult with an experienced family law attorney as soon as possible. An attorney can provide legal advice tailored to your situation and help you understand your rights and options. They can also guide you through the process of gathering evidence and building a case against your spouse if necessary.

• Consider hiring a forensic accountant – In some cases, hiring a forensic accountant may be necessary to uncover hidden assets or trace the dissipation of marital property. Forensic accountants specialize in investigating financial matters and can provide valuable insight into your spouse’s financial activities. However, weighing the costs of hiring a forensic accountant against the potential benefits is essential, as their services can be expensive. 

• Address dissipation in the divorce settlement – Financially, it is essential to address the issue of asset dissipation during the divorce settlement negotiations. If you prove that your spouse intentionally dissipated assets, the court may adjust the property division to account for the loss. This could result in a more favorable settlement for you, helping to mitigate the financial impact of your spouse’s actions.

Contact a DuPage County Divorce Attorney

Contact the skilled Wheaton divorce attorneys at The Stogsdill Law Firm, P.C. for more information. Call 630-462-9500 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/