How Dissipation of Marital Assets Can Impact a Divorce

 Posted on July 20, 2023 in Divorce

It is no secret that some people are better with money than others. It can create significant strain in a marital relationship if one spouse prioritizes saving and financial responsibility, while the other is more interested in spending large amounts of money for their own personal enjoyment. When spouses who do not see eye to eye on financial management get divorced, it may become a major issue during asset division if one of them has spent wastefully without the cooperation of the other spouse. When an Illinois court finds that one spouse has dissipated (wasted) marital assets, that spouse can be ordered to compensate the other for any misused marital funds. This is very common in cases where one spouse has a drug or gambling addition, or has spent a significant amount of money on an adultery partner. If you believe that your spouse has dissipated marital assets, it is important to involve an attorney. You will likely need to provide evidence showing your spouse’s misappropriation of marital funds, which an attorney may be able to help you gather.

Common Types of Dissipation in Illinois

When spouses are acting in conjunction, they are free to use their money in any way they see fit, even if others might consider that use wasteful. However, when one spouse acts independently of the other and without their consent, wasting money may rise to the level of dissipation. Common types of spending that may be considered dissipation of marital assets include:

• Drugs and alcohol - A person who becomes addicted to drugs or alcohol can rapidly spend thousands or tens of thousands of dollars supporting their addiction. Some addicts may even sell off marital property without their spouse’s agreement in order to buy more drugs.

• Gambling losses - Gambling can be a real problem in a marriage. Even if your spouse does not fully fit the definition of a gambling addict, they can still incur significant losses through reckless gambling behavior. Many spouses who have incurred gambling losses try to hide the problem from their spouse, making it more difficult to identify and prove dissipation.

• Adultery - Spouses who are cheating may spend significant amounts of money in doing so. A cheating spouse may give extravagant gifts to their affair partner or even pay for costly vacations to spend time with the other man or woman.

If your spouse has engaged in this type of behavior, you may be entitled to compensation for your fair share of the amount dissipated.

Contact an Arlington Heights Divorce Attorney

A. Traub & Associates is committed to helping spouses who have experienced dissipation of marital assets recover what is rightfully theirs. Our caring Arlington Heights divorce lawyers will strive to help you prove that your spouse has engaged in dissipation so that they can be held responsible for paying you back. For a confidential consultation, please call us at 847-749-4182.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm