How Can I Prove My Spouse Is Wasting Our Marital Assets?

 Posted on November 13,2024 in Divorce

When couples go through a divorce in Illinois, they need to divide their marital assets in an equitable way. That means that the value of all their property, assets, and debts is calculated and then anything they own as a couple will be divided fairly between both spouses.

 Unfortunately, some spouses have been known to spend and waste assets in such a way that the total amount that will be divided is significantly less than it should be. This is known as the dissipation of assets, and it can have serious legal consequences. If you are worried your spouse is squandering your marital assets and you will be left with much less than you deserve after your divorce, speak with a skilled Illinois family law attorney to learn about your options.

How Is the Dissipation of Assets Defined?

Illinois law defines the dissipation of assets as "the use of marital property for a purpose unrelated to the marriage at a time when the marriage is undergoing an irretrievable breakdown." Irretrievable breakdown means it is clear that the marriage is ending. The divorce is not yet finalized, which is why the assets have not yet been divided, but the spouses know that the divorce is happening.

How Can I Prove the Dissipation of Assets?

To prove that your spouse is dissipating your marital assets, you need evidence that shows how and when the funds were misused. Some common ways people gather this evidence include:

• Collecting bank statements: You might find large, unexplained expenses, transfers, or withdrawals in joint and individual bank statements. Any spending patterns that do not suit your family’s usual lifestyle or needs are important to note.
• Credit card statements: Credit card bills can show high spending on unnecessary items, such as luxury goods or trips. Credit card statements can also show if the cards were used to finance a gambling problem or an affair.
• Witnesses: The spouse claiming dissipation can testify about the specific assets spent or hidden when it happened and why he or she believes it was unnecessary or unrelated to the marriage. Friends, family members, neighbors, business associates, and other people familiar with either spouse can testify about suspicious behavior, for example, if they saw the other spouse involved with gambling or drug use or spending lavishly on someone else.

The burden of proof is on the spouse claiming dissipation, so it is very important to understand what evidence can support your claims.

What Happens If I Can Prove Dissipation?

If the court finds that dissipation has occurred, it can factor the dissipated assets back into the division of property. This can significantly impact how the assets are split. For example, if one spouse dissipated $50,000 in marital funds, the court may order that amount to be subtracted from their share of the estate and added to the other spouse’s share.

Contact an Arlington Heights, IL Divorce Attorney

If you are concerned that your spouse is squandering your marital assets, speak with a qualified Arlington Heights, IL divorce lawyer. Proving dissipation is no simple task, but it is possible with a careful review of financial records, witness testimony, and other forms of evidence. At A. Traub & Associates, we are dedicated to protecting our clients’ rights and ensuring they receive what they are entitled to. Call 847-749-4182 for a private consultation.