Divorce Attorney for Dissipation of Assets in St. Charles, IL

Kane County Divorce Attorney Explains the Impact of Marital Money Spent on an Affair

If your spouse has engaged in wasteful spending during the latter part of your marriage, you may be able to make a claim for dissipation of assets during your divorce proceedings. This will generally enable you to claim a larger share of marital property than you otherwise would. Actions that can be considered dissipation of assets include:

• Conducting an extramarital affair that involves expenditures on gifts, hotels, or travel.
• Gambling to excess with large losses.
• Buying illegal drugs.
• Destroying property belonging to a spouse.
• Failing to pay mortgage, property taxes, or income taxes, resulting in penalties.
• Making ill-considered investments.
• Extravagant spending on things for personal use rather than marital benefit.
• Giving away marital property or large sums of cash.

At Goostree Law Group, we understand how painful it can be to learn that your spouse has lost or wasted vast amounts of your income or savings. You may not even realize this has happened until you have filed for divorce and your financial statements have been thoroughly analyzed.

Each of our attorneys has an average of 15 years of experience in divorce and family law. Having been through the process of financial discovery hundreds of times, and having dealt with couples of all income and asset levels, we know how to spot irregularities in marital finances that indicate dissipation or attempts to hide assets. Our compassionate attorneys will help you understand your options and ensure that your spouse's wasteful spending is taken into account in your divorce settlement. You can rely on our staff to look out for your financial best interests at all times.

Understanding Illinois Law on Dissipation of Assets

The Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503(d)(2)) defines the rules regarding a claim for dissipation of assets:

• You must identify a date at which point your marriage began undergoing an irretrievable breakdown. You can only claim dissipation of assets after that date.
• You will also have to identify the specific property dissipated, which will need to be assigned a dollar value, and the approximate date or dates when the dissipation occurred.
• You cannot claim dissipation of assets that occurred more than three years prior to the time that you knew or should have known about the dissipation.
• You cannot claim dissipation of assets that occurred more than 5 years prior to your filing for divorce.

Suppose, for example, that you learn during financial discovery that your spouse withdrew $100,000 from his retirement account, a marital asset, just a few months before you filed for divorce. If it is determined that your spouse used this money for non-marital purposes, this amount can be added back to the total value of your marital property so that you receive your fair share of the total assets before dissipation.

Contact Our St. Charles Dissipation of Assets Lawyers

The attorneys of Goostree Law Group will advocate strongly for your interests in matters of divorce, family law, and criminal defense. We serve clients in the Kane County communities of St. Charles, Campton Hills, Elgin, Geneva, Batavia, North Aurora, Elburn, Kaneville, and LaFox. Contact us in our St. Charles office at 630-584-4800 for a free consultation.