Divorce can be a complex, emotional, and financially challenging experience. One aspect of divorce that often goes overlooked is the concept of wasteful dissipation of assets.
What Is Wasteful Dissipation of Assets?
In simple terms, wasteful dissipation of assets refers to the intentional squandering or misuse of marital property or assets by one spouse during the dissolution of the marriage. This usually happens when one spouse spends, sells, transfers, or otherwise uses marital assets irresponsibly or without the other spouse's consent.
Examples of Wasteful Dissipation
Wasteful dissipation can take many forms. Here are a few examples:
Gambling. One spouse might secretly use significant amounts of marital funds on gambling activities.
Luxurious vacations. Spending excessively on lavish trips without the knowledge or agreement of the other spouse can also qualify as wasteful dissipation.
Expensive gifts for affairs. If a spouse is having an extramarital affair and uses marital funds to buy expensive gifts for their lover, this also constitutes wasteful dissipation.
The Impact of Wasteful Dissipation
The repercussions of wasteful dissipation can be severe for the innocent spouse. Depending on the extent of the dissipation, it could lead to an unfair division of assets or even financial hardship post-divorce.
Wasteful Dissipation & Its Impact on Your Case
The court can consider wasteful dissipation when dividing marital property. If proven, the innocent spouse may receive a larger portion of the remaining assets to compensate for the loss.
However, proving wasteful dissipation can be challenging and requires strong evidence. Therefore, having a qualified attorney by your side can be invaluable.
Recognizing & Addressing Wasteful Dissipation
Recognizing wasteful dissipation can be tricky, especially if your spouse is secretive about their financial activities. Here are a few tips:
Monitor your financial records. Regularly review bank statements, credit card records, and other financial documents. Look for unusual or large expenditures.
Document any suspicious activity. If you notice any suspicious financial activity, document it. This could serve as valuable evidence if the issue goes to court.
If you suspect your spouse of wasteful dissipation, it's crucial to act promptly. Contact a legal professional who can guide you on the best course of action.
Contact Our Divorce Attorneys Today
If you are getting divorced and need counsel, consider reaching out to Balbo & Gregg, Attorneys at Law, PC. Our seasoned attorneys have experience handling divorce cases, including those involving complex property division cases. We strive to provide our clients with comprehensive legal counsel, offering clarity and support throughout the process.
To discuss your case with our team, call (866) 580-3089.