Protecting Clients' Assets During Divorce Since 1999
When you divorce, the assets you and your spouse possess will likely be divided. Many factors can influence exactly how the assets will be divided. Common factors include whether the asset was owned by one spouse prior to the marriage and whether one spouse desires to retain an asset in exchange for relinquishing another.
An additional factor that can affect property during divorce is dissipation. The term dissipation refers to a spouse spending marital funds or otherwise losing marital property for a non-marital purpose. Common forms of dissipation during divorce include:
- Blatant waste on gambling, prostitutes, or gifts for and dinners and trips with a new girlfriend or boyfriend
- Excessive cash withdrawal
- Expensive luxuries and indulgences
- High-risk business activity
Aurora Dissipation of Marital Assets Attorney
The law allows individuals to seek to have the division of marital property adjusted to compensate spouses when the other dissipates marital property. Courts can adjust property awards so that one spouse retains more assets than the spouse responsible for the loss of assets via lump sums, additional property and payments spread out over a period of time.
I can analyze bank records, credit card records, and other documents and evidence to prove dissipation occurred and pursue a fair division. I can also work to have your dissipation payment completed as a non-taxable event, so that you do not pay taxes on the gain as you would on spousal maintenance payments. For more information, please contact my office.
Contact My Office
Let my experience help ensure that your dissipation issue is handled with the skill and commitment it deserves.
My office is conveniently located a mile off of I-88. I accept credit cards, and weekday initial consultations cost just $100. My fees are competitive, and flexible payment plans and reasonable retainers are part of the commitment I make to helping you move forward with your life. Call 630-409-1261 or simply contact me online to schedule your initial consultation.