Blog

Tag Archives: dissipation of marital funds

Wheaton property distribution attorneys, financial malfeasance and divorceSupport obligations are enforced by Illinois law; however, some individuals do everything they can to avoid paying spousal or child support, or to harm or complicate the marital property settlement. While this is obviously never encouraged, it is important to be aware that these situations do occur.

Dissipating Marital Assets

One common occurrence, especially if a spouse does not wish for a divorce to occur, is to dissipate a chunk of the marital assets out of a desire for revenge or a wish to alter the terms of a property settlement. Illinois does recognize dissipation claims, and defines dissipation as the use of marital property or funds for personal benefit unrelated to the marriage. For example, a husband spending money from his and his wife's joint checking account on jewelry for his mistress would almost certainly be ruled to have dissipated those marital funds. This may only occur during the period in which the marriage is undergoing an ‘irretrievable breakdown,' which can in fairness be hard to pinpoint.

...
Continue reading

dissipation of marital funds, Illinois family law attorney, joint bank accounts, marital asset division, MKFM LawWhen married couples split on bad terms, one or both spouses may try to gain an upper hand by taking money from the couple's bank accounts for their own purpose. While this may feel satisfying for a while, a court will factor the taking of funds in this manner when later dividing the marital assets.

Dissipation of Marital Assets

The taking of marital funds or other marital assets by one spouse for his or her, own personal use, unrelated to the marriage, during a divorce or legal separation, is referred to as dissipation of marital assets. For example, if a spouse is spending marital funds to support a paramour, this would be considered dissipation of marital assets.

...
Continue reading

Recent Blog Posts

Archives

250 W. River Drive, Unit 2A
St. Charles, IL 60174
630-665-7300
Evening and weekend hours by appointment.

From our law office in Wheaton, IL the family law and civil litigation law attorneys of Mirabella, Kincaid, Frederick and Mirabella, represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Oak Brook, Glen Ellyn, Carol Stream, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, Winfield, Woodridge, Warrenville and throughout DuPage, Kane and Kendall Counties.

Make a Payment
© 2021 Mirabella, Kincaid, Frederick & Mirabella, LLC | 1737 South Naperville Road, Suite 100, Wheaton, IL 60189 | 630-665-7300
Kane County | Disclaimer Privacy Policy | Resources Sitemap
Take me to top
OVC, INC
Giving Back
Contact Us
Giving Back
Contact Us

In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree