Oak Park Dissipation of Marital Assets Attorney

Lawyers Offer Legal Help Regarding Assets Spent on an Affair in Cook County Divorce Cases

When preparing for divorce, you are probably struggling to understand the avalanche of legal issues that you will need to resolve, including determining how to divide your marital property with your former partner. One aspect of this process that can have a major impact on your divorce is the potential dissipation of assets by your ex-spouse. When addressing this concern, representation by an experienced divorce attorney is essential.

At Wakenight & Associates, P.C., our attorneys have more than 95 years of combined legal experience, including an understanding of the legal issues that can arise in high net worth divorce. If your ex has wasted your assets in any way, we will work to protect your financial interests and ensure that they are held responsible for the harm they have caused to your family.

What Is Considered Dissipation of Assets?

All property acquired by either spouse during their marriage is considered marital property owned equally by both spouses. These assets are subject to the laws of fair and equitable division when spouses end their marriage through divorce. Dissipation of assets can occur when a spouse wastes these assets by making large expenditures solely for their own benefit. Some examples of asset dissipation include:

• Spending marital funds while committing acts of infidelity, including purchasing expensive gifts for a lover or taking lavish vacations to pursue an affair.
• Increasing marital debt by making large credit card purchases for non-marital purposes.
• Selling marital assets or withdrawing funds from joint bank accounts to feed a drug, alcohol, or gambling addiction.

Dissipation of assets is often uncovered during the discovery phase of divorce, and a spouse may file a dissipation claim within 30 days after the close of discovery, or at least 60 days before the date of the divorce trial. A claim will only be valid if the dissipation occurred after the marriage began to break down irretrievably. The statute of limitations for a dissipation claim is three years from when the dissipation became known, and claims cannot be made for dissipation which occurred more than five years prior to when a spouse filed a petition for dissolution of marriage.

If you plan to file a dissipation claim, you may believe that it is obvious that your ex has wasted assets, either out of a desire to damage your finances or simply because of selfishness. However, proving dissipation is not always straightforward. For example, if your ex spent money on airfare and hotels while engaging in an extramarital affair, they may claim that because they used a laptop computer to complete some work during this trip, it was actually for business purposes. When you are pursuing a dissipation claim, it is essential to work with an attorney to demonstrate that dissipation occurred and ensure that your ex will be required to reimburse you for the assets they have wasted.

Contact a Maybrook Asset Dissipation Lawyer

Our attorneys can help you understand your rights in cases involving the dissipation of assets, and we will work to uncover and address all relevant financial issues during your divorce. To ensure that your ex-spouse will be held responsible for the financial damages they have caused to your family, contact our office at 708-480-9651 to learn about your options in a free consultation. We assist with complex divorce cases in Oak Park, Chicago, Skokie, Riverside, Berwyn, Elmwood Park, Cicero, Forest Park, Maybrook, River Forest, and Cook County.