Understanding Dissipation of Assets in an Illinois Divorce

 Posted on February 19, 2024 in Asset Division

Any assets that either spouse brings into the marriage and had before the wedding are generally considered individual assets, and anything obtained during the marriage is generally considered marital assets. When a couple gets a divorce, marital asset division is an important part of the divorce settlement. Unfortunately, sometimes a spouse will purposely misuse, waste, or destroy marital assets just before or during divorce proceedings. This is called dissipation of assets, and if you suspect your spouse is doing this, a Wheaton, IL divorce lawyer can help you navigate the steps you can take to remedy the situation.

When Does Dissipation of Assets Apply?

According to Illinois law, if a spouse diminishes marital assets while the marriage is in the process of breaking down, it is considered dissipation of assets. If a couple has concluded that there is no hope for any reconciliation and their next step will be divorce proceedings, and then one spouse does something that significantly diminishes the money that the couple has, this would likely be considered dissipation of assets. There are several different scenarios that might be included in this category:

• If one spouse sells a work of art that the couple owns and then spends the money on someone else.
• If one spouse withdraws a large sum of money from their joint account and gambles it away.
• If one spouse throws out the other’s clothing, shoes, jewelry, or other possessions.

These are only a few of the many situations that might be considered dissipation of assets.

What Should I Do if I Think I Have a Valid Claim for Dissipation of Assets

As soon as you suspect your spouse of dissipating your marital assets, you need to act fast and speak with a divorce attorney as soon as possible. In order to be considered valid, a notice of intent regarding a dissipation of assets claim needs to be submitted within a certain amount of time. Your lawyer can explain where you might find proof of your suspicions, including in bank records, credit card bills, and tax documents. If you can prove your claim, the court might compel your spouse to pay back any lost value.

Schedule a Free Consultation with a Wheaton, IL Divorce Attorney

Divorce can be stressful enough as is without needing to worry that your spouse is harming your marital estate before you get the chance to be granted your rightful share of it. An experienced DuPage County, IL dissipation of assets lawyer can review your case and help determine whether a claim would be valid. Call 630-364-4046 to schedule a free consultation at Goostree Law Group.