What Does Dissipation of Assets Mean in a Divorce Case?

 Posted on March 09, 2022 in Illinois Divorce

When becoming involved in any legal proceeding, it is essential to understand all of the terminologies used in your case. This can be difficult for many people as their case becomes increasingly complicated. During a divorce, there are many steps that must be taken to dissolve a marriage fully. In the scenario that a divorce is contested or becomes complex, new language between attorneys and judges may appear, such as dissipation of assets. To fully understand your divorce case, advocate for yourself, and ensure your legal rights are protected during the divorce, it is vital to understand dissipation and how it may affect you.

What is Dissipation in Divorce?

Dissipation is defined as the squandering or wasting of money, property, or other essential resources. Dissipation in divorce can happen in many ways, but it has one underlying theme — a partner using shared assets for an individual benefit during the divorce. Too often, when dividing marital assets during a divorce, a lawyer or the other partner will uncover hidden or squandered assets.

Common examples of dissipated marital assets include:

• Spending or shopping sprees with shared money
• Taking out loans using shared finances without the other partner’s knowledge during a divorce
• Concealing, hiding, or losing assets, especially finances
• Spending money on an extramarital affair
• Transferring shared funds to an individual account

Dissipation must occur after the marriage has been irretrievably broken down. This is another common legal term that means the wasting of money must have happened after the marriage was going to be dissolved and both parties were aware. A lawyer may use the term dissipation when tracking a spouse’s spending habits or attempting to divide shared assets between partners.

Filing a Claim for Dissipated Marital Assets

If you are currently divorcing your partner and have uncovered dissipated assets, your divorce attorney may be able to help you file to claim wasted materials. Illinois law has strict guidelines to ensure that a spouse can obtain the rightful materials that were dissipated during the divorce.

The first step is to find a skilled divorce attorney who is experienced in asset dissipation during divorce cases. It is critical to have the help of an attorney who can use the proper legal language for your situation, advocate on your behalf in front of a judge, and prepare the appropriate paperwork.

The spouse looking to reclaim dissipated materials must submit their intent to claim within a 30-day window of the discovery process or 60 days before the divorce trial. The filed claim must include a date when the irretrievable breakdown began. This could be the date that a spouse served divorce papers, the date of your first joint divorce-attorney meeting, or the date a separation began. The spouse and their attorney must include the wasted assets that they intend to reclaim.

Speak with a St. Charles Dissipation Divorce Lawyer

If during the discovery process of your divorce, you found that your partner squandered shared marital assets, Weiler & Associates, Inc. may be able to help you reclaim your rightful property. Our St. Charles divorce attorneys have years of experience advocating for clients who discovered their partner was dissipating assets. Call us today at 630-331-9110 to schedule a consultation with our office.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm