Purposely squandering wealth: marital asset dissolution

On Behalf of | May 1, 2018 | Firm News, high asset divorce

An Illinois divorce client obviously seeks timely and studied input from legal counsel on many dissolution-linked matters.

And that is especially true in a decoupling that is contested on many fronts and involving varied issues. Although some divorces are rather simple and civil affairs, others are a bit more acrimonious and complex. Many Illinois divorces prominently spotlight matters ranging broadly from child custody and visitation to maintenance considerations and the equitable distribution of marital property.

That last-cited concern is especially implicated in any scenario featuring the so-called “dissipation of assets” during the divorce process.

If that sounds ominous, it is. Moreover, evidence of its occurrence is guaranteed to inspire the wrath of any family law judge.

In a nutshell, asset dissipation is a “strategy” (if it can logically be called that) employed by a spiteful spouse focused upon depleting as much marital property as possible during the divorce process. Its aim is simple: to diminish the amount of marital wealth that the other spouse will receive at the end of marriage. In Illinois, a divorcing husband or wife is legally entitled to an equitable share of property when a marriage terminates.

Although it might seem irrational, some impending former spouses harboring extreme grudges are willing to waste or otherwise spend down assets that hurt their bottom lines, so long as doing so will financially punish their spouses.

That can be manifestly illegal, and it makes strong sense for a suspecting party to promptly convey his or her concerns (a Forbes article on the subject stresses that women are most often the victims of such behavior) to an experienced divorce attorney without delay.

That makes sense. A proven advocate can promptly communicate unethical/unlawful conduct to the court, as well as take actions (sometimes working together with a forensics expert) to identify wrongdoing.