Overspending and Divorce: Understanding Dissipation of Marital Assets

The journey of divorce often navigates through turbulent waters, fraught with complexities and emotional stresses. One such complexity is the concept of “Dissipation of Marital Assets,” a term that might sound foreign but has significant implications for those undergoing divorce proceedings. At Arami Law, Inc., we believe in empowering our clients with knowledge and information throughout their legal journey. In this blog, we will shed some light on this critical aspect of divorce law.

The Dissipation of Marital Assets

The dissipation of marital assets refers to the excessive spending of marital funds or assets by one spouse during a divorce. Understanding this term is crucial as it can significantly influence the division of property in divorce proceedings. Overspending, if it falls within certain parameters, can be considered dissipation of marital assets.

Expenses that might trigger the court’s scrutiny include extravagant vacations, luxury purchases, gambling losses, and excessive cash withdrawals. However, not all overspending is deemed dissipation. The court assesses whether the spending was for a proper purpose, the timing of the expenses, and whether the other spouse was provided with records or notice of the expenses.

Achieving Equitable Distribution

The laws around marital property division vary by state, but the overarching aim remains to achieve an equitable distribution of assets. Factors such as the length of the marriage, the contributions of each spouse, and the financial needs of each party are considered when determining how to divide the marital property.

In Illinois, where we practice, the court does not necessarily divide marital assets equally but rather equitably, considering the aforementioned factors. This means that if one spouse has excessively spent marital assets, the court may award the other spouse a more substantial share of the remaining marital property to compensate for the loss.

Proving Dissipation

To prove the dissipation of marital assets, it is crucial to compile evidence of the overspending. This can include bank statements, credit card statements, receipts, and any other relevant financial records. At Arami Law, Inc., we help our clients gather this evidence, presenting a strong case to protect their rights during the property division process.

However, it is essential to remember that just because your spouse overspent does not automatically mean dissipation occurred. The court will carefully evaluate the details of each case. Therefore, having experienced legal representation can make a significant impact on how your case is handled and the outcome achieved.

Contact Us for Legal Representation

Understanding the concept of dissipation of marital assets is crucial when going through a divorce where overspending has occurred. Being aware of the factors that the court considers and gathering evidence of overspending are vital steps in protecting your interests and ensuring a fair division of property.

At Arami Law, Inc., we provide unwavering support through family law issues. We aim to guide you toward a brighter future, helping you navigate the intricacies of the legal system with confidence. We’re here to assist you every step of the way, ensuring you’re not alone in this challenging journey. If you need assistance with a divorce case, feel free to reach out to us.