Tag Archives: divorce asset dissipation

What Should I Do If I Suspect My Spouse of Dissipating Marital Assets?

DuPage County asset division attorneyIf you and your spouse are on the verge of divorce or have already filed for divorce, you may notice that your spouse is engaging in particularly unusual spending patterns. Be it gambling all the time, neglecting to pay certain bills, or spending exorbitant amounts of money on major purchases without your consent, your spouse might be dissipating marital assets. That is the legal term for when your spouse acts irresponsibly with your joint finances leading up to and during a divorce. Evidence of this dissipation of marital assets can be brought before the court to ensure that you are adequately compensated for any frivolous spending, thereby securing fair and equitable division of property and assets during the divorce. Below are some practical steps you can take if you suspect that your spouse is dissipating assets.

Steps to Take If You Suspect Dissipation

All is not lost if you think that your spouse is cheating you out of assets in real time. There are a few things you can do to protect yourself against dissipation of marital assets:

  1. Compile and analyze all statements from joint accounts. Before you can even move forward with any further action in regards to marital asset dissipation, you need to determine whether your concerns are legitimate enough to spend the time and resources on researching the facts and then arguing your case in court. You need to be particularly perceptive. For example, in reviewing these statements, you should:

    • Compare statements from prior months and years. Is there anything unusual or otherwise different about items in recent statements?

    • Be aware that more salacious spending tends to show up on bank and credit card statements as very generic company names. If you notice thousands of dollars spent at “General Store, Inc.” or the like, that could be a fake name to hide where the money is actually being spent.

  2. Keep in mind all the typical traits of marital asset dissipation spending. For instance, as you review the bank and credit card statements, consider the following:

    • The spending patterns must be unusual or out of the ordinary, showing a deviation from the norm relative to prior months and years. One-off expenses may not justify your case; the spending needs to be consistent and substantial.

    • The expenses must be significant or otherwise exorbitant. Even if your spouse has spent more money than usual on a particular product or service, if it is not a sizable amount of money, then it will be difficult to make your case.

    • Finally, the spending is more often than not frivolous, meaning it is not a necessity for daily living, unrequired for the marriage and family, and most likely unauthorized by you.

  3. Engage the assistance of an attorney and a forensic accountant. The forensic accountant will meticulously search for unauthorized, unnecessary, and irresponsible spending. Odds are even if you have proof of dissipation, the forensic accountant will find even more evidence to bolster your argument. Your lawyer will know how best to advise you and successfully present your case in light of these findings.

Contact a DuPage County Divorce Lawyer

Always be aware of you and your spouse’s spending, especially when on the brink of divorce or going through a divorce. In many cases, a spouse might spend irresponsibly or neglect to pay bills out of spite. If you need guidance about these and other divorce issues, contact a skilled Wheaton, IL asset dissipation attorney. The Andrew Cores Family Law Group will help you figure out the appropriate strategy to either put an end to such frivolous spending and make sure you receive your fair share in the divorce settlement. Call our office today at 630-871-1002 for a free consultation.

Sources:

https://www.forbes.com/sites/jefflanders/2016/11/01/what-is-dissipation-of-assets-in-divorce-and-what-if-anything-can-you-do-about-it/#cf39c4c3ec01

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

 

What Is a Financial Restraining Order in an Illinois Divorce?

DuPage County divorce lawyer for asset protectionArguments over finances can be one of the major causes of a divorce. One spouse might be a saver, and the other spouse might be a spender. Over the course of a marriage, this can lead to a great deal of conflict and ultimately ruin the relationship. If you think your spouse is acting irresponsibly through excessive spending or damaging marital assets, you can ask the court to issue a financial restraining order. This type of restraining order temporarily freezes some of the marital assets to ensure that they will not be wasted.

What Can a Financial Restraining Order Stop?

A financial restraining order freezes the marital assets for both sides. For example, if your spouse is barred from selling off any marital property, you will also be prohibited from selling off any of the property, unless you receive permission from the court. A typical order lasts 10-30 days, but it can be extended as long as necessary in order to protect the marital property, such as until the court issues a final order to divide the property.

A financial restraining order can often forbid other activities, such as:

  • Closing any accounts.

  • Changing the beneficiaries on any accounts.

  • Limiting a spouse’s access to marital accounts.

It is important to note that not every type of financial activity can be stopped by a financial restraining order. Both spouses are permitted to make transactions they would typically make as part of everyday living, such as paying bills, buying necessities such as food and toiletries, paying tuition, etc. The purpose of the order is to protect the marital assets so they can be fairly divided as part of the divorce settlement.

How Do I Obtain a Financial Restraining Order?

To obtain a temporary restraining order against your spouse or ex-spouse, you must prove several things, including:

  • There is a clear right that needs protection.

  • Absence of the order would bring harm to you or your children.

  • There is no other adequate legal means that can help you.

  • You are facing hardship, and your spouse or ex-spouse will not be harmed as a result of the restraining order.

A temporary restraining order can only be issued for 10 days. After 10 days, the court will hold a hearing to determine if a longer restraining order is necessary. Your spouse or ex-spouse should receive notice of this motion, which should be detailed so the judge can properly rule.

A person has the right, upon two days notice, to seek a new hearing on the motion and ask that the injunction/restraining order be removed.

Contact a DuPage County Divorce Attorney

The issue of finances can cause a lot of stress and worry during a divorce. If you believe your spouse is acting inappropriately with your marital assets, you can take legal action. A skilled Wheaton, IL financial restraining order lawyer can guide you through the process of obtaining a financial restraining order. The Andrew Cores Family Law Group has experience in safeguarding marital property for clients who are going through a divorce. To schedule a free consultation, call 630-871-1002 today.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075000050K501