Proving Dissipation During Divorce in Kane County

 Posted on December 02, 2022 in Chicago divorce attorney

Dissipation of assets involves a spouse intentionally wasting marital assets or damaging marital property after the marriage is irretrievably broken. This vindictive transgression is common among contested divorces and comes in many forms. If a spouse is proven to have dissipated marital assets during divorce proceedings, they may be ordered to reimburse the marital estate. A divorce attorney with expertise in asset dissipation and equitable property division can help substantiate a spouse’s flagrant waste of marital assets and strategize an appropriate divorce settlement.

Dissipation of Assets According to Illinois Law

To allege that your spouse engaged in asset dissipation, you must submit a written notice filed 30 days after discovery or within 60 days of the divorce proceedings. The written notice must detail the assets dissipated and the marriage breakdown date. Once the dissipation is established, the court will order the offending party to compensate their ex-spouse with either money or marital property to offset the assets squandered. The court will examine the following two inquiries.

1. Acquiescence – Did the petitioning spouse know of and agree to the dissipation?

2. Willfulness – Does the petitioning spouse have evidence that their ex-spouse willfully wasted marital funds?

Ten Methods of Asset Dissipation

1. Debt from credit cards is a common form of asset dissipation.

2. Intentionally failing to pay a mortgage or a car payment resulting in foreclosure or repossession, is a typical form of dissipation.

3. Evading taxes is illegal and can result in steep penalties and interest fees.

4. Spending marital funds on drug or alcohol addiction are considered a form of dissipation.

5. A spouse might donate large amounts of money to charitable organizations without the other spouse’s consent.

6. Bankrupting a family business could be considered as dissipation of marital property.

7. An offending spouse might splurge on a paramour with gifts of jewelry, clothing, or vacations.

8. An offending spouse could pay for a paramour’s living expenses with marital funds.

9. Spending money on prostitutes or pornography is also regarded as asset dissipation.

10. Gambling large amounts of money is a typical form of asset dissapation.

Contact a Dissipation Lawyer in Kane County

At The Law Office of Matthew M. Williams, P.C., dependable family law Matthew M. Williams aggressively advocates for reasonable solutions. Certified in both collaborative and cooperative law, Matthew M. Williams is a results-oriented, determined, and focused attorney who is sympathetic to the needs of his clients. Skilled in asset investigation, Matthew M. Williams understands the complexities associated with dissipation. If you are seeking a divorce due to your spouse’s dissipation of assets, contact a St. Charles divorce attorney at 630-409-8184.

Sources:

https://budgeting.thenest.com/asset-dissipation-23802.html

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=2b3999f83ec0

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