Kane County Asset Dissipation Attorneys
Dissipation of Assets Lawyers Assisting Clients in Elburn and St. Charles
Although not discussed as often as other divorce-related concerns, the dissipation of assets by one or both spouses can effectively disrupt the divorce process and cause serious acrimony between the parties. Dissipation of assets refers to the spending of marital funds on goods or services not related to the marriage once the relationship has begun to break down.
The intentional devaluation or wasting of marital property may also be considered dissipating assets, such as damaging the marital home or giving away property without approval. When dissipation of assets becomes an issue during divorce, the court may require the dissipated assets to be offset during property division considerations.
At The Stogsdill Law Firm, P.C., our team of experienced attorneys is equipped to help clients on either side of a dissipation claim. Whether you have been accused of wasting assets, or believe your spouse has spent marital money without your permission, we will work to protect your rights.
Dissipation of Marital Assets
The law in Illinois provides that all marital assets are to be divided equitably upon divorce. Dissipation of such assets prior to the division process creates an imbalance between the spouses that must be rectified. Spending marital property on things unrelated to the marriage, or the intentional or negligent destruction or devaluation of marital assets is unfair and not permitted by law.
A dissipation claim may be filed during divorce for a wide variety of situations, including but not limited to:
- Extramarital affairs, including money spent on hotels, trips, or gifts;
- Excessive gambling;
- Intentional destruction of property; or
- Neglect of real estate leading to foreclosure or depreciation.
It is important to note that, while many of these actions would be unacceptable at any point in the marriage, they may only constitute dissipation once the marriage has begun to break down. The point at which a marriage began to irretrievably deteriorate can often be difficult to identify, but doing so is a necessary consideration for a dissipation of assets claim.
Once a claim has been filed, the spouse charged with dissipation is required to prove that the expenditures were appropriate. He or she must offer clear and convincing evidence that the assets were spent for a purpose related to the marriage or that the marriage had not yet begun to break down. Our attorneys are prepared to effectively advocate for our clients both in asserting a claim or defending against one.
If are in the midst of a divorce and the dissipation of assets has become an issue, contact our attorneys at 630-462-9500630-462-9500 to schedule a consultation. We will review your case, help you evaluate potential dissipation of assets claims, and work with you throughout the process. From our offices in Wheaton, we proudly represent clients throughout Kane County, DuPage County, and the rest of Northern Illinois.