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West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
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Tips for Recognizing Dissipation of Assets in an Illinois Divorce

Posted on in Asset Division

Kane County dissipation attorneysAlthough it would be ideal, not every divorce is amicable. One spouse may have been planning to split for months, while the other spouse is blindsided by the news. In certain scenarios, one partner may have controlled all or most of the couple’s finances during the marriage. In these cases, one spouse is put at a disadvantage because he or she is financially vulnerable. 

Under Illinois law, the division of assets or property is subject to equitable distribution. This means any marital property that was acquired during the marriage will be divided in a fair manner. However, one spouse may be guilty of depleting and/or hiding assets in order to keep more for himself or herself after the marriage is legally terminated. Inappropriate spending in such a situation is called dissipation of assets, and a skilled attorney along with a forensic accountant can help in revealing this form of deception.         

How to Detect Wasteful Behavior

Dividing assets or property can be one of the most contested aspects of a divorce. The court considers several factors when determining who gets what. In some cases, the split could be 65/35 or 80/20, or all marital property could even be allocated to one spouse.  

The act of dissipating assets occurs when one spouse spends the couple’s savings on extravagant gifts to pursue an affair, or to feed an addiction such as alcohol or gambling. It basically means using the marital funds for non-marital purposes that benefit only one spouse. Dissipation reduces what remains to be divided in the settlement of the marital estate. 

To prove that dissipation occurred, a spouse must show that the expenditure was made while the marriage was deteriorating or spent for a non-marital purpose, such as expensive gifts, hotel rooms, air tickets for an extramarital affair during the marriage. The spending must also have  occurred while the marriage was in the midst of breaking down beyond repair. 

Here are a few practical ways you can uncover the possible dissipation of assets:

  • Check all credit card statements for any suspicious charges.
  • Make a record of calls from collection agencies for past-due bills. 
  • Confirm that alleged business trips are legitimate. 
  • Keep an inventory of valuables such as jewelry or heirlooms. 
  • Review bank account statements for any large withdrawals or overdrawn charges. 
  • Work with an attorney and a forensic accountant who can help reveal hidden or wasted assets. 

Contact a St. Charles Divorce Lawyer

A divorce can be a complicated process with many issues to be resolved. In some cases, one party may not disclose all of his or her financial information during the proceedings. A competent Algonquin asset division attorney will examine the details of your marital estate to ensure you receive your fair share. At the Law Offices of Benedict Schwarz, II PC we know that some spouses may try to hide property or assets, and we know how to uncover this deceit. To schedule your free consultation, call us today at 630-200-4882.

 

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59

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