Dissipation of Assets in a Chicago Divorce: What Does it Mean and How Can I Get Legal Help if My Soon-to-Be Ex Has Spent Everything?

Let’s face it: for most individuals seeking a divorce in Chicago, the divorce process is already stressful enough. However, a sticky divorce can become even more complicated when the added complication of a spouse recklessly spending or hiding marital funds crops up. In Chicago and throughout Illinois, this type of conduct is referred to as “dissipation of assets.” Chicago marriage and divorce laws take this issue seriously because both spouses are entitled to a fair share of marital property. Indeed, there is no question that if one spouse wastes or misuses money during the breakdown of a marriage, it can directly affect the property division process in divorce. To help individuals in Chicago who may be going through a divorce where one spouse has wasted or misused marital property, we explain the basics of dissipation of assets in Chicago divorces and where to get legal help in The Windy City here.

Dissipation of Assets in Chicago Divorce Cases: The Basics

Dissipation of assets is generally defined under Illinois laws as the use of marital property for purposes unrelated to the marriage at a time when the marriage is undergoing an irretrievable breakdown. This means that if your spouse spent money or transferred property for his or her own benefit and not for legitimate marital purposes, it may qualify as dissipation. Chicago courts often take into consideration when determining whether there has been a dissipation of assets, the timing of the spending, the nature of the expenditures, and whether they occurred after the marriage began to fail. As such, dissipation can include draining joint bank accounts, gambling away savings, spending gratuitously on a new romantic partner, or selling marital property for a lowball number. Sometimes dissipation can be harder to identify, such as running up credit cards or hiding assets through questionable business deals. Regardless of the form dissipation takes, the key question the court will ask is whether the funds were used for the benefit of the marriage or was the asset wasted for personal reasons by one soon-to-be ex-spouse during its breakdown.

Getting Legal Help if Your Spouse Has Misused Money in Your Chicago Divorce Case

The truth of the matter is that proving dissipation can be difficult in a Chicago divorce case. This is why it is important to work with an experienced Chicago asset dissipation lawyer who understands the ins-and-outs of the law, how to uncover hidden spending, trace assets, and present clear evidence in court. An experienced Chicago asset dissipation lawyer can subpoena financial documents, work with forensic accountants, and ensure that you fall all the rules and laws of the court, for the best chance of success.

If you are in the Chicago area and you need legal help with your Chicago asset dissipation case, contact the experienced Chicago asset dissipation lawyers at the law firm Arnoux Sharma Standeford, LLC. Contact Arnoux Sharma Standeford, LLC today and speak with an experienced attorney about your case.