Dissipation Of Marital Assets
Questions, Considerations, & Procedures
Under Section 503 of the IMDMA, a spouse who engages in dissipation of marital assets could receive less of the marital estate in a divorce. Dissipation occurs when one spouse uses marital property, for a use unrelated to the marriage, during a time in which the marriage is irretrievably broken. For example, a court may find dissipation if, after the marriage is irreconcilable, one spouse gambles away money from the couple’s savings. However, in this example, if the couple gambles together even after the marriage is irretrievably broken, the court may not find dissipation if it determines that spouse alleging dissipation has “unclean hands.”
Please keep in mind that if you find out that your spouse may have dissipated marital assets there are some timelines that will impact your ability to successfully petition the court recovery of those assets. If you have questions about dissipation, or any other family law issues, contact a knowledgeable family law lawyer. Call Saxe Law today at (224) 800-1351 to schedule a consultation.
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