My Spouse Is Wasting Our Money Before Our Divorce. What Can I Do?

 Posted on December 13, 2024 in Divorce

Divorce can be a challenging and emotional time. One of the main issues people tend to feel stressed about when they are getting ready to end their marriage concerns money and how they will manage once they are no longer jointly responsible for their finances. Unfortunately, some people decide to spend recklessly or hide assets as a divorce approaches so that their spouse ends up with much less than they deserve in a fair division.

If you are worried that this is happening to you, you do not need to deal with it alone. Illinois law provides tools to address these concerns, so you can work to protect your financial future. An experienced Chicago, IL family law attorney can help you investigate your suspicions. If your spouse is guilty of dissipation of assets, we can work together to remedy the situation.

What are Marital Assets?

First, it is important to understand what is considered marital property. In Illinois, assets and debts that someone had before he or she got married are typically regarded as separate property. On the other hand, most assets that a couple acquires during their marriage are considered marital property, regardless of who earned it. Both spouses, therefore, have an equal claim to these assets in a divorce. If your spouse mismanages or hides assets, the amount divided in a divorce can be significantly reduced.

How Can I Protect My Finances?

If you believe your spouse is wasting or hiding money, there are several steps you can take to protect yourself, including:

• Gathering financial records: Collect all important financial documents, such as bank statements, credit card statements, tax returns, pay stubs, investment account records, and loan documents. This can help you and your attorney identify any unusual activity or missing funds.

• Monitor accounts: Stay up-to-date on activity in joint accounts and look out for suspicious transactions. Some red flags can be large withdrawals, unexplained transfers, or spending that seems out of the ordinary. Make sure to document anything unusual.

• Seek a temporary court order: In Illinois, you can request a temporary restraining order to stop your spouse from wasting or hiding assets. This order can prevent him or her from making large purchases, transferring money, or selling property without permission until the divorce is finalized.

• Hire a forensic accountant: If you suspect that your spouse is hiding assets, forensic accountants can trace missing funds and show you where they are and how much they are worth. They are trained in uncovering hidden accounts, unreported income, and other financial irregularities.

If your spouse is found to have wasted or hidden marital assets, Illinois courts take this type of financial misconduct very seriously. A judge might adjust the division of property to compensate you, for example, by awarding you a larger share of the remaining assets.

Schedule a Free Consultation with a Cook County, IL Family Law Attorney

If you are concerned that your spouse’s actions will keep you from being given a fair division of your marital assets, speak with a qualified Chicago, IL divorce lawyer. Concerns about the dissipation of assets are treated seriously, and if your suspicions are proven true, there are legal steps you can take to protect your financial future. The stakes are too high not to. Call The Law Office of George J. Skuros at 312-884-1222 to schedule a free consultation.