Is your spouse dissipating assets?

On Behalf of | Nov 19, 2021 | Divorce |

One of the key tenants of any divorce is splitting up the assets that the couple owns. Spouses are supposed to provide the court with documentation of everything that they own so that it can be divided. 

However, people are often not happy with this idea and do not want to share items or funds with someone who is about to be their ex. So they look for ways around it. 

Is your spouse trying to reduce marital assets?

One way is known as the dissipation of assets. One example could be if your spouse starts a new relationship before your divorce is resolved. Maybe they started the relationship, and that was the reason for the divorce, or perhaps you separated, and then they started dating someone else. They could use your marital assets to buy their new partner expensive gifts or take them away to a luxury resort. 

Another way your spouse could dissipate assets is by squandering them. For instance, they empty your joint savings account and throw it all on red at the local casino. If they win, they do the same until eventually there is nothing left. They would prefer that the casino has the money than you do.

The dissipation of assets is only one of the things you need to watch out for when divorcing. Your spouse might also try to hide assets by failing to mention them when listing your property or transferring them to a friend or relative. It pays to stay alert when dealing with property division in your divorce. Otherwise, you could get far less than you are entitled to.