Orland Park Asset Dissipation Lawyer

Divorce Attorneys Addressing Assets Spent on Affairs in Mokena and Frankfort

During a divorce case, financial concerns are often one of the primary areas of contention, and spouses may be worried about having the resources they need to support themselves. In some cases, a spouse may believe that their former partner has caused financial damage by wasting the couple's money or other assets. Adding this issue to the avalanche of concerns that must be addressed during divorce can make the process even more overwhelming, which is why it is important to secure representation from a skilled divorce lawyer.

The attorneys of Wakenight & Associates, P.C. have over 95 years of combined family law experience, and we have worked with many clients to address the financial issues involved in divorce cases, including high net worth and high conflict divorces. We can help you demonstrate that your spouse has wasted marital assets and ensure that your rights and financial interests are protected.

Illinois Law Regarding Dissipation of Assets

While marital property should be fairly and equitably divided between spouses during divorce, this can be difficult to do if one spouse has reduced the value of the marital estate for non-marital purposes. This is known as "dissipation of assets," and according to Illinois law, it occurs when one spouse uses marital assets for their own sole benefit and for purposes unrelated to their marriage.

Dissipation of assets can take a variety of forms, including:

• Spending money in pursuit of personal hobbies or to buy expensive collectibles.
• Taking vacations or trips while pursuing an extramarital affair.
• Buying expensive jewelry, clothing, or other items for someone other than one's spouse or children.
• Gambling with marital funds.

If you believe that your spouse has dissipated assets, you must file a claim of dissipation within 30 days after the end of the discovery portion of your divorce case or prior to 60 days before your divorce trial begins, whichever is later. This notice should state the date when your marriage began to suffer an irretrievable breakdown, the assets that were dissipated, and the dates or period of time when the dissipation took place.

After you have filed a dissipation claim, your spouse will need to provide clear and convincing evidence to show that the dissipation did not occur. If they are unable to do so, and the judge determines that they did, in fact, dissipate assets, they may be ordered to reimburse the marital estate for the dissipated assets, or the portion of the marital property they receive during the divorce may be reduced.

Notably, dissipation can only have occurred during the time that a marriage was undergoing an irretrievable breakdown, so a dissipation claim cannot be made if your spouse wasted assets while you were happily married. In addition, you cannot pursue a dissipation claim more than three years after you knew or should have known about the dissipation or if the dissipation took place more than five years before you or your spouse filed for divorce.

Contact a New Lenox Dissipation of Assets Attorney

Whether your spouse wasted marital assets in a deliberate attempt to hurt you or because they were selfishly pursuing their own interests, you deserve to be reimbursed for the financial harm they have done to your family. At Wakenight & Associates, P.C., we will work to protect your rights and ensure that you reach a positive outcome to your divorce case. To schedule a free consultation, contact us at 815-727-6144. We serve clients in Mokena, Orland Park, Tinley Park, Orland Hills, Homer Glen, Oak Forest, Joliet, Lockport, and Will County.