Protecting Your Finances from a Spendthrift Spouse During Divorce

 Posted on February 21, 2019 in Main

Deciding to end a marriage is already a tremendously difficult decision to make. Financial stressors like an overspending spouse only add to the complications associated with divorce. Unfortunately, divorce can sometimes bring out the worst in people. Some divorcing individuals make extravagant purchases before a divorce is finalized in order to get back at their soon-to-be-ex. Bitter spouses may frivolously spend money simply to keep it out of the final divorce settlement. Others use overspending as a way to cope with the emotional pain of the separation. Whatever the reason, when a spouse makes reckless financial decisions during the breakdown of a marriage, the other spouse deserves to be pardoned from those debts.

Recovering Dissipated or Wasted Assets

If you have recently learned that your soon-to-be-ex-spouse sold a valuable shared asset or spent thousands on a secret paramour, you may still be able to recover these funds. “Dissipation of assets” refers to the wasting of marital property or wealth through excessive spending, gambling, unwarranted borrowing, or fraudulent transference to a third party. A spouse who wastes funds in this way may be required to pay the marital estate back. In extreme cases of dissipation, the non-offending spouse may be given a disproportionately larger share of the remaining assets. Courts also have the authority to rescind transmissions of assets like real estate and stock if the transfer happened with fraudulent intent.

Contact a Wheaton Family Law Attorney for Help

If you are considering divorce while in a challenging financial situation, talking to a qualified divorce attorney can help you understand how to best protect your financial interests. Contact the experienced DuPage County divorce lawyers at Mirabella, Kincaid, Frederick & Mirabella, LLC today by calling 630-665-7300.

Sources:

http://www.ilga.gov/legislation/ilcs/documents/075000050K503.htm

https://www.forbes.com/sites/jefflanders/2017/04/04/dos-and-donts-of-marital-separation/#3ed2ed2b4668