Understanding the Dissipation of Assets in Illinois Divorce Cases

 Posted on February 10,2023 in Property Division

The dissipation of assets is a term used to describe the improper use of marital assets by one spouse before a divorce. In divorce cases in Chicago and elsewhere, the dissipation of assets can significantly impact the distribution of property and assets between spouses. If one spouse is found to have dissipated assets, a court may consider this when determining the division of assets in a divorce case. For a court to make a finding of dissipation, it must be shown that the assets were used for a purpose unrelated to the marriage and that the use of assets reduced their value. This could include using marital funds for a mistress, buying expensive gifts for friends, or squandering money on gambling or drugs. 

Suppose you are getting divorced and believe your spouse is engaged in behavior that qualifies as dissipating assets, or you have uncovered information during divorce proceedings that give you a reason to believe your spouse has been involved in this behavior in the past. In that case, an experienced attorney can help you make sense of the situation and provide guidance moving forward through the divorce proceedings. 

The Impact of Dissipation of Assets in Divorce Cases

The impact of dissipation of assets can significantly affect divorce proceedings and may reduce the offending spouses' share of marital assets. However, the dissipation of assets is a complex issue that can be difficult to prove. To prove dissipation, a spouse must provide clear and convincing evidence of the improper use of assets. This can involve tracking financial transactions, gathering witness statements, and reviewing bank records.

To minimize the risk of the dissipation of assets, spouses need to be transparent about their finances during the divorce process. This includes providing complete and accurate financial information, including income and expenses, and being open about any assets that may have been used for purposes unrelated to the marriage. Considering the situation's complexity, a seasoned attorney can be an invaluable resource. Your attorney can identify and protect marital assets, negotiate a fair settlement, and represent your best interests in court. 

Contact a Cook County Divorce Attorney

The dissipation of assets constitutes a serious situation and must be treated as such. If the dissipation of assets is relevant to your divorce case, contact the experienced Chicago divorce lawyers with The Law Office of George J. Skuros. Call 312-884-1222 for a free 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=537a3e1d3ec0