How property is divided in their divorce can have major ramifications for a person’s post-divorce life. So, getting a fair property division settlement may be one of the top priorities a person has when they are in a divorce.
Now, there are certain things that could pose roadblocks to getting a fair settlement. One is making mistakes during property division negotiations or proceedings.
Another is intentional wrongful conduct by one’s spouse. Sometimes, a spouse will try underhanded ways to keep their partner from getting what they deserve in a divorce. One such tactic is hiding assets. Another is dissipating assets.
Dissipation of assets is when a spouse makes large, unusual and frivolous expenditures from marital assets with the intent to deprive their ex of the spent assets in the divorce. Such actions could severely deplete a marital estate.
Out-of-the ordinary spending activity on a joint account is among the things that can be a red flag for dissipation of assets. So, a spouse’s spending activity regarding marital assets is among the things a person may want to keep an eye on when ending their marriage.
When a person who is getting divorced thinks their spouse may be hiding or dissipating assets, what options they have to respond and what might be the best approach for protecting their rights and interests can depend on the specifics of the situation. Skilled divorce attorneys can help individuals navigate the situation when red flags come up in a divorce indicating that their spouse may be engaging in intentional wrongful conduct aimed at depriving them of assets.
Source: Forbes, “What Is Dissipation Of Assets In Divorce And What, If Anything, Can You Do About It?,” Jeff Landers, Nov. 1, 2016