Property and debt division are crucial aspects of any divorce case. However, in a high net worth divorce, the stakes are even higher. The way that spouses divide assets and debts will likely have a massive influence on both spouses’ post-divorce future. Marital misconduct like infidelity or abuse does not typically influence how Illinois courts divide assets in a divorce. However, if a spouse “dissipated” or wasted assets near the end of the marriage, the spouse may be required to reimburse the marital estate for the lost property or funds. Dissipation of assets can significantly impact the property division process.
Destruction or Misuse of Marital Property in an Illinois Divorce
Dissipation of assets occurs when a spouse sells, uses, destroys, or spends marital property in an inappropriate manner while the marriage is nearing its end. Illinois law specifically states that dissipation involves the use of marital assets:
- For the benefit of only one spouse
- For a purpose not related to the marriage
- At a time when the marriage is experiencing an irreversible breakdown
Examples of Dissipation of Assets
Paying household bills and making reasonable purchases consistent with past spending behavior is not dissipation of assets. Dissipation occurs when a spouse wastes assets.
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