How can you stop and prove dissipation of assets?

On Behalf of | Sep 13, 2020 | High-Asset Divorce |

In high-conflict divorces, one spouse may try to ruin the other spouse’s right to a fair division of assets. One partner will try to dissipate the marital assets to prevent the other from receiving them in the divorce settlement. As a high-income couple, your partner could decide that he or she can easily earn the money back and would rather lose it than split it.

Can you prove the division of assets? Forbes explains that there are signs that your spouse is wasting assets to stop you from collecting them.

File an ATRO

An ATRO is an Automatic Temporary Restraining Order. In Illinois, you must request one. This is a court order that prevents you and your spouse from altering the financial status quo when the divorce begins. This means that neither of you can make large or unusual purchases throughout the proceedings.

Look for frivolous spending

The first place you should look is your joint accounts. Search for unusual or large purchases that began when the two of you began divorce talks. When you look for frivolous spending, it does have to be a substantial cost. A vacation with your ex’s friends or new partner charged to your joint account is substantial, while lunch means little. You cannot claim that a person dissipated marital assets if you simply do not like how he or she spends the money. If he or she always wasted money on hobbies, then you cannot claim it to be wasteful spending. Any spending that you condoned during the marriage, you have to continue to condone when you go through the divorce proceedings.