Any assets that either spouse brings into the marriage and had before the wedding are generally considered individual assets, and anything obtained during the marriage is generally considered marital assets. When a couple gets a divorce, marital asset division is an important part of the divorce settlement. Unfortunately, sometimes a spouse will purposely misuse, waste, or destroy marital assets just before or during divorce proceedings. This is called dissipation of assets, and if you suspect your spouse is doing this, a Wheaton, IL divorce lawyer can help you navigate the steps you can take to remedy the situation.
When Does Dissipation of Assets Apply?
According to Illinois law, if a spouse diminishes marital assets while the marriage is in the process of breaking down, it is considered dissipation of assets. If a couple has concluded that there is no hope for any reconciliation and their next step will be divorce proceedings, and then one spouse does something that significantly diminishes the money that the couple has, this would likely be considered dissipation of assets. There are several different scenarios that might be included in this category: