The end of a marriage can be difficult, regardless of the reasons why a couple’s relationship broke down. Even an amicable divorce may have its challenges, since many legal issues will typically need to be resolved, including the division of assets. In Illinois, marital property is divided in “just proportions”.
In some cases one spouse will get fairly be awarded less of the marital estate because they have already spent marital money for a non-marital purpose. This conduct is known as the dissipation of assets. Dissipation is one tool the Court has to fairly divide the marital estate.
This behavior often occurs when there are problems in the marriage, and a divorce is forthcoming. If you suspect that your spouse may have squandered marital funds, you may be entitled to compensation in your Illinois divorce settlement.
Examples of Wasted Assets
There are many ways a person can dissipate assets or property. These include:
- Gambling addictions
- Alcohol and Substance abuse problems
- Failure to maintain marital assets so they lose value
- Gifts for an extramarital affair
- Pawning keepsakes for non-marital expenditures
- Incurring large credit card debt for non-marital purchases
Securing a TRO, Filing a Dissipation Claim
In some cases, a temporary financial restraining order can be issued to prohibit your spouse from selling, transferring, or wasting marital assets during a divorce. This restriction forbids the dissipation or destruction of marital property without the approval of both spouses.
Dissipation of assets is usually found during the discovery phase of the divorce process. A dissipation claim must be filed within 30 days after the discovery phase ends, or at least 60 days before the beginning of your divorce trial. It is important to note the dissipation must have taken place after the breakdown of your marriage began. The statute of limitations for this type of claim is three years after you discovered the dissipation. In addition, dissipation claims cannot be made for instances that took place more than five years before you filed a petition for divorce.
Feel Free to Contact a Wakenight Attorney Today
A divorce can be difficult under any circumstances, but when you find out that your spouse squandered your marital assets, you may be faced with a financial nightmare. The skilled law firm of Wakenight & Associates, P.C. understands how devastating it can be to lose money or valuables in your divorce. Our knowledgeable Attorneys have more than 50 years of combined legal experience. We will diligently fight for what is rightfully yours according to the law.
COVID-19 has forced us to work remotely. We are available for video conferencing, however. Our corporate phones are now in our homes and we have several numbers where you can reach us: 708.848.3159 or 815.727.6144 or 630.852.9700. Our experienced attorneys can help you. We welcome your questions and calls
