The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

Subscribe to this list via RSS Blog posts tagged in asset dissipation

North Aurora divorce attorney

A couple can disagree about many issues during a divorce, but it is no surprise that financial matters are one of them. The decisions that you and your soon-to-be ex-spouse make during your divorce are extremely important because they are decisions that will end up affecting you for quite a long time afterward. When it comes to finances, the decisions that are made could quite possibly affect you for the rest of your life, which is why you want to be sure to protect your assets at all costs. One such way to do this is through the use of a temporary financial restraining order, which can protect your assets from being misused or wasted by your spouse.

What Is a Temporary Financial Restraining Order?

When most people hear the words “restraining order,” they think of an order protecting a person from physical violence. However, a financial restraining order functions along those same lines by protecting your marital assets from being transferred, misused, borrowed against, destroyed, or spent by your spouse during your divorce. Temporary financial restraining orders are a common tool utilized by spouses going through contentious high-asset divorces, but any couple could benefit from the order.

...

North Aurora property division attorney

Divorce is a major event that can change nearly every aspect of your life. Unsurprisingly, this is why divorce is considered the second-most stressful life event you can go through, while dealing with the death of a family member or friend is typically number one. During a divorce, emotions can run wild, changing the personality and demeanor of even the most steadfast people. It is easy to make mistakes during your divorce process because of this, but it is crucial that you try to avoid making the following mistakes whenever possible:

  1. Do not try to “DIY” your divorce. Although it is possible to get a divorce on your own without a lawyer, it is not recommended. Divorce is complicated, and an attorney can ensure you are aware of the laws that apply to you and your rights in the decisions involved in ending your marriage.

    ...

North Aurora divorce attorney privacy

Although it is not impossible to have an amicable divorce, that is not always the case for some couples. Depending on the circumstances, it can be difficult to push your feelings about your spouse and the end of your marriage aside so you can work together peacefully. Divorce is a stressful situation that can, unfortunately, bring out the worst in some people. Some spouses can become controlling, and they may be tempted to spy on each other through the use of electronic devices. In these contentious situations, it is important that you take the steps needed to protect your electronic devices and the information stored on them from your spouse. Below are a few practical ways you can protect your privacy from your spouse’s interference.

Change Your Passwords

You may think that password-protected information is always safe. However, this is not always true. Even if you have passwords protecting devices like your cell phone, your computer, or different financial accounts, you should still change them to prevent your spouse from gaining access. This can be especially useful if you have previously used your spouse’s devices to log in to certain accounts, because password information may have been saved. Be sure to use unique passwords for each account, and choose passwords that your spouse will not be likely to guess. By ensuring that your spouse cannot access your accounts, you can prevent them from taking actions such as dissipating marital assets by transferring money from a joint account into a personal account.

...

Dupage County asset dissipation lawyerIn a perfect world, couples who decide to end their marriage would do so amicably and without any ill feelings. Unfortunately, we do not live in a perfect world, and divorcing couples are often much less than amicable. In some divorces, feelings of anger, resentment, greed, and spite are driving factors in decisions made by one or both spouses. In cases such as these, it is not uncommon for one spouse to do anything he or she can to keep the other spouse from receiving his or her fair share of the marital estate. The most common way of doing this is to waste the marital assets, also known as “dissipation.”

How Is Dissipation Defined in Illinois?

According to the Illinois Supreme Court, dissipation refers to the “use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time the marriage is undergoing an irretrievable breakdown.” In other words, dissipation occurs when one spouse wastes, destroys, or spends marital property during the breakdown of the marriage for the purpose of depriving the other spouse of the property.

Examples of dissipation of marital property can include:

...

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:

...

Posted on in Divorce

asset dissipation, Aurora divorce attorney, private investigatorX, divorce and finances, file for divorceWhen considering a divorce, or learning of a spouse’s intent to file for divorce, one usually looks to hire a skilled divorce attorney. This is a good first instinct. However, another hire you may wish to consider is that of a private investigator.

Even if you think the divorce might be amicable, the assistance of a professional and experienced investigator may be worth every bit of the expense.

How a Private Investigator Help

...

Posted on in Divorce

Aurora divorce lawyer, divorce and your credit score, support payments, divorce and debt, asset dissipationDivorce is often viewed by some as getting out of a bad situation. However, what many are unprepared for is the impact the divorce can have on their own credit score. Following a divorce, one can discover that his or her income, even with alimony or other support payments, is not enough to cover expenses.

Falling behind on monthly bills, running up large amounts of debt, or failing to curb your expenses to meet the new income restrictions a divorce often brings may all negatively impact your credit score.

Tips for Managing and Monitoring Your Credit Score During a Divorce

...
The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Facebook Twitter LinkedIn
Back to Top