Wheaton, IL Asset Dissipation Attorneys

Lawyers Addressing the Dissipation of Marital Assets in a Wheaton, Illinois Divorce

During the divorce process, spouses will need to determine how to divide their marital property. In some cases, issues related to property division can become complicated due to actions by a spouse that have led to financial losses. When a spouse wastes or destroys marital assets or spends marital funds for purposes that are unrelated to the marriage, this is known as asset dissipation. Courts take claims of asset dissipation seriously, and a spouse's actions could affect the decisions made about how property will be divided.

Situations where a spouse may have used marital assets improperly can quickly become complicated. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our attorneys can take steps to identify instances of asset dissipation, bring these issues to the court's attention, and fight for outcomes that will protect our clients' financial futures.

How Our Divorce Lawyers Can Help Address Asset Dissipation

At Mirabella, Kincaid, Frederick & Mirabella, LLC, we can review financial records, identify transactions that may indicate dissipation, and prepare evidence for court hearings. Whether a spouse's misconduct has involved extravagant personal spending, secret accounts, or destruction of property, our attorneys will build a strong case and work to hold the offending spouse accountable for their actions. We can also help clients defend against false or exaggerated asset dissipation claims, ensuring that the court has a clear and accurate picture of a couple's financial situation.

How Is Asset Dissipation Addressed in Illinois Law?

A spouse's actions may be considered to be asset dissipation under Illinois law if they used marital property for purposes that were unrelated to their marriage at any point after which the couple's relationship began to break down beyond repair. Legitimate expenses that benefit the family or routine financial decisions made in good faith will not be considered dissipation. However, if a spouse engaged in suspect financial transactions or otherwise wasted marital assets after the couple began experiencing relationship problems, this may be considered dissipation.

Why Spouses May Engage in Dissipation

There are many reasons why a spouse may waste or deplete marital assets during the breakdown of a marriage, including:

• Revenge or Retaliation: A spouse may deliberately destroy or spend assets to reduce what is available for property division.
• Extramarital Relationships: Funds may be used to support a relationship outside of the marriage, including gifts, vacations, or housing.
• Substance Abuse or Gambling: Addictive behaviors can result in significant financial losses that drain marital accounts.
• Concealment of Assets: A spouse may attempt to hide assets by transferring them to others, hoping that these assets will not be discovered during divorce proceedings. This may be considered asset dissipation because it will deplete the value of the marital estate.
• Careless or Irresponsible Spending: Some spouses may spend recklessly without regard to the impact on their family's finances.

Addressing Dissipation During Divorce Proceedings

In cases where a person believes that their spouse has engaged in asset dissipation, they will need to file a claim in court during the divorce process. The court will evaluate the evidence to determine whether assets were improperly used.

If the claim is proven, the court may adjust the division of marital property by awarding the innocent spouse a greater share of the remaining marital estate. In some cases, a spouse who engaged in asset dissipation may be ordered to provide reimbursement for losses that their actions have caused. The decisions made by the court are meant to ensure that a couple can achieve a fair and equitable outcome to their divorce.

Our attorneys can help clients file dissipation claims and demonstrate that the other spouse has engaged in improper uses of marital assets. As we address these issues, we will take steps to:

• Review bank records, credit card statements, and tax returns, looking for irregular spending patterns
• Identify unexplained withdrawals, transfers, or sales of marital property
• Trace funds to determine whether they were used for non-marital purposes
• Prepare detailed evidence and present persuasive arguments in court to show that dissipation has occurred
• Advocate for solutions that will address the losses that have occurred due to dissipation and provide our client with the financial resources needed following the finalization of their divorce

Protecting Our Clients' Financial Interests

Asset dissipation can have long-term consequences, and it may affect a family's overall financial stability. A spouse who has already wasted marital assets may continue these harmful spending patterns unless the issue is addressed correctly during the divorce process. Our attorneys can take swift action to protect our clients against financial losses. Whether through settlement negotiations or litigation in court, we work to ensure that decisions related to property division will fully account for any assets that were used improperly during the breakdown of a marriage.

Contact Our Wheaton Asset Dissipation Lawyers

In cases where a spouse may have dissipated marital assets, Mirabella, Kincaid, Frederick & Mirabella, LLC can provide effective legal help. We will work to address financial misconduct and help our clients achieve outcomes that will protect their interests and provide for their needs. Contact our Wheaton, IL marital asset dissipation attorneys at 630-665-7300 to set up a consultation today.