Schaumburg Dissipation of Assets Attorney

Dissipation of Assets Attorney Helping Clients in Schaumburg, IL

In Schaumburg, Illinois, as elsewhere, the dissolution of a marriage involves the complex task of asset division. A critical challenge in this process is the dissipation of assets by one spouse—essentially squandering marital assets for personal gain or reducing the asset pool available for equitable distribution. Understanding why a spouse might dissipate assets and how the law in Illinois treats the issue is important if you are dealing with a partner who is irresponsibly depleting your shared resources.

If you believe your soon-to-be ex-spouse is dissipating assets or attempting to hide assets from you, contact the trusted attorney at Anderson Attorneys, P.C. to help you protect your rights and interests. With over 40 years of legal experience, we are especially equipped to aggressively represent our clients and pursue a favorable outcome on their behalf.

Why Do Spouses Dissipate Assets?

The primary motives for asset dissipation usually revolve around personal or financial advantages. Here are some common reasons why a spouse may dissipate assets:

• Gambling - Addictions or recreational gambling can lead to significant financial losses. The spouse who gambles away marital assets might believe they are entitled to such losses, or they may be attempting to cover up a serious addiction.
• Overpaying debts - In some instances, a spouse may intentionally overpay debts to reduce the overall asset pool available for distribution. This could include paying off personal loans, credit cards, or other financial obligations that benefit one spouse over the other.
• Extramarital affairs - Funds spent on an affair - including gifts, vacations, or other luxury items - are likely to be considered dissipation. These expenditures are designed to serve the interests of a spouse, often at the expense of the marital estate.

Legal Perspective on Dissipation in Illinois

In Illinois, dissipation claims are taken seriously by the courts. The law defines dissipation as the use of marital property for one's sole benefit for a purpose unrelated to the marriage, made at a time when the marriage is undergoing an irretrievable breakdown. Here is what to keep in mind:

• Timing is key - Dissipation only becomes relevant if it occurs during a period when the marriage is in serious trouble. For instance, lavish spending on unapproved expenses after moving toward a divorce looks quite different from similar spending during a period when a couple was happily married.
• The burden of proof - The spouse alleging dissipation has the burden of proving that assets were improperly used. This often involves gathering detailed financial records, bank statements, and a clear timeline showing that the dissipation actually occurred.

Steps to Take if You Suspect Dissipation

If you believe your spouse is dissipating assets, taking prompt and decisive action is crucial:

• Gather evidence - Keep a close eye on financial transactions. If you see any suspicious activity, such as strange withdrawals, payments, or other irregular activity, document this activity immediately.
• Consult an attorney - Seek legal counsel experienced in divorce and family law. An attorney can provide guidance on the best course of action, help gather important evidence, and represent you in court to protect your financial interests.
• File a dissipation claim - With your attorney's help, you can file a formal dissipation claim. This legal document outlines the evidence of dissipation and the rationale for why these actions should impact the division of marital assets in your divorce.
• Consider hiring a forensic accountant - Sometimes, cases involving asset dissipation may benefit from the assistance of an accountant who can uncover improper behavior. These professionals are skilled at tracking down hidden assets, analyzing financial records, and providing professional testimony that can support your case in court.

Contact Our Schaumburg, IL Asset Dissipation Attorney

Dealing with a spouse who is dissipating assets can be extremely aggravating. However, times like these require a strategic and level-headed approach. Understanding the reasons behind asset dissipation - from gambling and debt to funding extramarital affairs - can help you take the proper steps to protect your financial future.

Taking action early and hiring proper support ensures that your marital assets will be reasonably accounted for so that you can receive an equitable share of your marital estate. To get legal help with these issues, contact our office at 847-850-8899 and schedule a complimentary consultation today.