When going through a divorce, it is not uncommon for one spouse to attempt to hide or dissipate assets in order to prevent their spouse from receiving an equitable amount of their assets. This can be a frustrating and stressful experience, but there are several telltale signs that your spouse may be attempting to dissipate assets. Today, we are going to discuss what several of those signs are. If your marriage is heading towards divorce, consider contacting knowledgeable divorce attorneys to lawfully complete the divorce process while ensuring your rights remain protected and advocated for.
What is the Definition of Dissipating Assets?
Dissipating assets refers to the intentional or reckless use, depletion, or destruction of marital assets by one spouse for their own benefit or to prevent the other spouse from receiving their fair share of those assets in a divorce settlement. If you can prove that your spouse dissipated assets, the court may distribute the rest of the marital estate in a way that compensates you for this loss.
Signs Your Spouse May Be Dissipating Assets
Look out for these signs which may signify your spouse is trying to dissipate assets, including:
Unusual spending – If your spouse is suddenly spending money on expensive items or experiences, it may be a sign that they are attempting to dissipate assets. This can include purchases such as jewelry, cars, vacations, or even gambling.
Transferring assets – If your spouse transfers assets to friends, family members, or business associates, it may be a sign that they are trying to hide or dissipate assets. This can include delaying the production of bank statements, tax returns, or other financial documents.
Closing accounts – If your spouse is closing bank or investment accounts, this may be their attempt to hide or dissipate assets. This can include closing joint accounts, transferring funds to offshore accounts, or even liquidating assets.
Unexplained debt – If your spouse is suddenly incurring debt or taking out loans, they may be trying to hide or dissipate assets. This can include taking out personal loans, using credit cards excessively, or even taking loans against property.
Contact a North Shore Divorce Attorney
Proving that your spouse is dissipating assets can be difficult due to the complex nature of many financial matters. As a result, if you are getting a divorce and believe your spouse is engaging in this form of financial misconduct, consider contacting the skillful Des Plaines divorce lawyers with [[title]]. Call [[phone]] for a free consultation.