Protecting Against Asset Dissipation in Preparation of a Divorce

Illinois custody attorney, Illinois family law attorney, Illinois divorce lawyer,When a couple is preparing for or going through a contentious divorce it happens that one spouse may attempt to hide assets, run up debt or sell off property in an effort to cheat the other from what might otherwise be a fair split of marital assets. You can prevent this “win at all costs” strategy by taking steps to protect marital assets.

Establish a Plan Before a Divorce Occurs

There are steps you can take, although one must proceed with caution while doing so, to protect marital assets from dissipation:

  • Take personal property out of the home and storing it with a trusted friend or separate location.  This is easier than attempting to recover property from your spouse’s possession after divorce proceedings have started.
  • Open a separate bank account, but be very careful not to take more than your fair share of the value of marital property, or you can find yourself charged with the very thing you were trying to avoid – asset dissipation.
  • Obtain a protective order for property. Much like a temporary restraining order, the protective order for property is issued by a court and legally safeguards your assets. With the help of an experienced attorney, this can be achieved without letting your spouse know you are taking steps to protect the property.

What Can Be Done If You Are Too Late?

If you discover that dissipation of marital assets has already begun, there are steps you can take to regain the lost value. If dissipation occurs despite a protective order of property being in place, the court can provide relief after the fact.

A judge may reduce the amount awarded the offending spouse that amount which was taken during dissipation activities. However, if the item stolen had sentimental value as well as monetary value, the amount may not make up for the emotional loss experienced.

Work with a Knowledgeable DuPage County Asset Dissipation Attorney

Whether you have taken steps to protect marital assets prior to divorce proceedings or suspect your spouse is siphoning value illegally from shared property, it is important that you get in touch with an experienced DuPage County divorce and asset dissipation lawyer. When you retain the services of the Law Offices of Matthew M. William, P.C., you can be confident the work provided will result in a satisfactory division of property and assets. Call or contact the office soon to get answers to all your questions.

 

Source:

https://www.cnbc.com/2016/01/17/breaking-up-is-hard-to-do-protecting-assets-in-divorce.html

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