Aurora Asset Dissipation Lawyers

Respected Attorneys Addressing the Dissipation of Marital Assets in Aurora, Illinois

When you get a divorce, some of the most important issues to resolve will be related to how your property and assets will be divided. Under Illinois law, marital property should be divided fairly between spouses, but an equal division is not required. While the court will consider your and your spouse's needs and your respective contributions to the marriage when dividing assets, one crucial factor that can have an impact on property division is asset dissipation.

At The Law Office of Matthew M. Williams, P.C., we can help you uncover, document, and pursue claims related to the dissipation of marital assets. If your spouse has squandered marital funds on personal indulgences, risky ventures, or relationships outside the marriage, the court may award you a greater share of the remaining marital estate to account for the loss. We are here to ensure that the final decisions about property division will address these issues while meeting your needs.

What Is Asset Dissipation?

In some marriages, one spouse may use marital assets for a non-marital purpose. Their actions may involve reckless spending, selfish decisions, or purposely destroying property. When this has happened after a couple's marriage has begun to break down, it may be considered dissipation. The concealment of assets may also be considered dissipation if it has reduced the value of the marital estate.

To qualify as dissipation under Illinois law, the behavior must meet certain criteria:

• The conduct must occur during a time when the marriage was in serious trouble or was clearly headed toward divorce.
• The spending must be for the sole benefit of one spouse and not related to the family's needs.
• The expenditures must result in a depletion of the marital estate, leaving fewer assets to be divided between spouses during divorce.

Illinois courts may take action to address the dissipation of marital assets. Adjustments may be made to the amount of marital property awarded to each spouse to address the lost value and make up for assets that have been wasted or destroyed.

Common Examples of Asset Dissipation

Dissipation can take many forms, including:

• Spending on Extramarital Affairs: A spouse may use marital funds for travel, gifts, hotel stays, or expensive outings with a new romantic partner.
• Gambling and Addictions: A spouse may waste money at casinos, on online betting, or by purchasing drugs or alcohol during a period of marital breakdown.
• Lavish Personal Spending: A spouse may buy luxury items, designer clothing, or high-end electronics for themselves with no benefit to the marriage or household.
• Excessive Cash Withdrawals: Removing large sums of cash from joint accounts without explanation or documentation of how these funds were used may be considered dissipation.
• Transferring Assets to Friends or Family: A spouse may give away marital property to prevent it from being divided during divorce or to hide assets from the other spouse. In some cases, a spouse may claim that they are paying back debts owed to others, but they expect to receive these payments back after the divorce has been finalized.
• High-Risk Business Activity: A spouse may make speculative investments or start a business venture using joint funds without the consent of their spouse.
• Destruction or Neglect of Property: Damaging or abandoning marital assets, such as real estate or vehicles, can result in a loss of value, and this may be done with the intent of causing the other spouse to suffer financial harm.

How Dissipation Claims Are Handled in Illinois

To pursue a dissipation claim, you will need to file a formal notice with the court. This notice should detail the approximate date or time period in which the alleged dissipation occurred, the specific property or funds that have been dissipated, and a clear explanation of why the spending was for a non-marital purpose. This notice must be filed at least 60 days before the date of a divorce trial. Time limits will also apply, and dissipation claims generally cannot be filed more than three years after the dissipation occurred or was discovered.

Strong documentation of dissipation is essential. Bank statements, credit card records, receipts, invoices, travel records, emails, text messages, social media posts, or other types of evidence may be used to demonstrate patterns of excessive or inappropriate spending and to show that the expenditures provided no benefit to the marriage.

The judge will evaluate whether dissipation occurred and by how much it has reduced the value of the marital estate. If dissipation is proven, the court may adjust the property division in favor of the non-offending spouse or award lump-sum compensation. This can help ensure that the spouse who caused the financial harm will be held responsible for their actions.

Contact Our Aurora, Illinois Marital Property Dissipation Attorneys

If you believe your spouse has misused marital assets, it is important to act quickly and strategically. At The Law Office of Matthew M. Williams, P.C., we will provide you with legal guidance on the best ways to protect your financial interests during your divorce, and we will advocate for a fair property division agreement that will address any dissipation that has occurred. Contact our Aurora dissipation lawyers at 630-409-8184 to arrange a free, confidential consultation. Let us help you secure what is rightfully yours.