Can I Recover Money From a Dissipation of Assets Claim?

 Posted on June 11,2024 in Division of Property

One of the more complex parts of the divorce process in Illinois is property division, where the spouses divide their marital property. Illinois law defines marital property as assets that were acquired by either spouse during the marriage. These assets — with some exceptions — belong to both spouses and are divided in a divorce.

But the more assets there are and the higher their value, the higher the chance they will be squandered in the divorce. This article will discuss what a dissipation of assets claim is and how a spouse can recover lost assets. Keep in mind that having a skilled Illinois divorce attorney handle your divorce is a great way to avoid losing assets in the first place.

What Is Dissipation of Assets?

Dissipation of assets means that one spouse has wasted money or assets belonging to both spouses by spending them on things unrelated to the marriage. This most commonly happens by:

• Spending marital money on an affair
• Spending marital money on excessive gambling
• Spending marital money just so the other spouse will not receive it
• Spending marital money on alcohol or substance abuse
• Destroying marital property

If your spouse has been spending or destroying marital assets that partially belong to you, your attorney may file a dissipation of assets claim with the court.

How Do I Prove the Dissipation of Assets?

Proving that your spouse is dissipating assets is not simple. You need to confirm that it happened after the marriage started “irretrievably breaking down,” which is usually at some point before the divorce. You also need to confirm that your spouse mismanaged the marital assets. Your attorney may need to subpoena documents like credit card and bank statements to prove your claim.

Can I Recover Money From My Dissipation of Assets Claim?

Whether or not you recover money from your dissipation of assets claim depends on your circumstances. Assuming you have a strong claim and a judge sees that assets were dissipated, the court might award you other marital property to make up for the value of the assets you lost.

However, you may not be able to recover everything. If your spouse, for example, wasted $200,000 on a weekend in Las Vegas and there is only $50,000 worth of marital property left, it might be impossible to recover the $150,000 difference.

Contact a Kane County, IL Asset Dissipation Lawyer

As soon as you suspect that your spouse is wasting or destroying marital property, contact a St. Charles, IL asset dissipation attorney right away. At Goostree Law Group, we take swift action to defend our clients’ interests. Let us handle your divorce so our skilled attorneys can start aggressively protecting your assets. Call 630-584-4800 for a free consultation today.