Naperville, Illinois Asset Dissipation Lawyers

Skilled Attorneys Protecting Clients Against Dissipation of Assets in Naperville

In your divorce, you and your spouse's marital property will have to be divided. Illinois prioritizes reaching a fair equitable division of marital property, referring to a legal standard also known as equitable distribution, not equal distribution. This means the court divides marital property in a manner it considers fair under the circumstances, which may or may not result in a true 50/50 split.

Unfortunately, not all spouses engage with this process in good faith. If you fear that your spouse is wasting assets before or during your divorce, contact a Naperville divorce lawyer who can help you take legal action.

As one of the longest-standing law firms in Naperville, Fay & Farrow is well equipped to address asset dissipation claims and in high net worth divorces. We can help you take steps to pursue reimbursement against wasteful actions by your spouse in order to recover funds and assets otherwise lost to dissipation.

What Is Dissipation?

Asset dissipation occurs when one spouse intentionally wastes, conceals, or diverts marital funds or property in anticipation of divorce or during the divorce proceedings. Dissipation can take many forms, from extravagant personal expenditures to covert transfers of money or property. For example, a spouse might charge an excessive trip on a joint credit card, funnel funds to a family member, or claim false business expenses to siphon marital resources.

Illinois courts take dissipation claims seriously. When allegations of squandered marital property arise during the legal proceedings, judges look for spending or transfers that lack reasonable justification and are atypical to the parties’ normal spending habits throughout the marriage. Identifying dissipation and taking action against it protects your financial interests.

How Can You Uncover Dissipation in Your Divorce?

Uncovering dissipation begins with a robust discovery process. Our firm can serve detailed document requests for bank and credit card statements, loan records, and business ledgers, just to name few. Subpoenas to financial institutions can compel production of account histories and wire transfer records that might otherwise remain hidden.

Depositions allow attorneys to question the dissipating spouse under oath about specific transactions. In extreme cases, forensic accountants can analyze financial data for irregularities, such as unexplained transfers or sudden spikes in spending. Electronic evidence like emails, text messages, and internal company records can sometimes reveal communications about planned transfers or excuses used to justify questionable expenses.

Lifestyle audits provide another layer of insight into a spouse's financial means and spending history. By reviewing travel itineraries, luxury purchases, and membership fees, professionals can flag spending patterns inconsistent with reported incomes. Together, these strategies can be used to uncover dissipation and form the basis for legal remedies.

Remedies for Dissipation in a Illinois Divorce

When dissipation is proven, Illinois courts have several tools to restore fairness. The most common remedy is to credit the innocent spouse with the amount dissipated, effectively adding that sum back into the marital estate. This adjustment may take the form of awarding additional assets or offsetting the dissipated value against the offending spouse's share.

In some cases, the court may order reimbursement directly, requiring the dissipating spouse to pay the wasted amount back into the estate. Judges can also impose sanctions for egregious misconduct, such as paying attorneys' fees. If dissipation involves fraudulent transfers, courts have authority to void or reverse those transactions.

Proactive legal action can halt further dissipation if it is ongoing. By seeking temporary restraining orders and preliminary injunctions, your attorney can freeze assets and prevent additional waste from occurring during the divorce proceedings. Early intervention and documentation of dissipation solidify your position in negotiations or at trial and discourage improper behavior by the opposing party.

Contact a Naperville, IL Asset Dissipation Attorney

If you suspect dissipation, do not wait to take legal action. When you work with Fay & Farrow, we will investigate any signs of wasteful conduct, pursue the legal remedies you deserve, and advocate fiercely for an equitable division of assets. Call 630-961-0060 or contact our Naperville, IL asset dissipation attorneys to arrange a free consultation.