Divorce can be a messy experience, especially when it comes to financial matters. In some cases, when marital funds are wasted or purposefully not protected, it can impact the process of property and asset division in a divorce settlement. Continue reading to find out more about wasteful dissipation.
The Impact of Wasteful Dissipation
Whether a spouse’s wasteful spending was what eventually led to the divorce, or it became a tool for preventing the other spouse from having a fair share of marital assets, wasteful dissipation is something the court takes seriously. However, the amount involved must be substantial and the behavior should also be out of the ordinary. If your spouse’s spending was consistently wasteful throughout the marriage, a judge may not see it as wasteful dissipation.
Here are some examples of wasteful dissipation:
- Giving away marital assets or property to family, friends, or through substantial charitable donations.
- Intentionally spending vast sums of money and making lavish purchases.
- Gambling or making poor investment choices on purpose.
- Spending marital funds on an extramarital affair, including extravagant gifts, vacations, or expensive hotels.
- Allowing real property to depreciate in value or go into foreclosure.
If your spouse engaged in any of these behaviors, a judge may consider it wasteful dissipation. As a result, you may be awarded a larger sum of marital assets and property to make up for the wasteful spending and ensure you receive your fair share.
If you benefited from the spending, however, it may not be considered wasteful dissipation. For example, if your spouse went on a shopping spree and many of the items were for the household, it might not be wasteful dissipation. Speak to an experienced attorney about your case.
Schedule a Case Review with a Knowledgeable Family Law Attorney Today!
If your spouse had wasteful spending habits, it may be considered wasteful dissipation. Wasteful dissipation can have a substantial impact on the divorce process and, at the Law Office of Tzvi Y. Hagler, P.C., we can provide the help you need to work toward obtaining the best results for your case. We understand how difficult and overwhelming this experience can be, which is why you can rely on us to provide the strong legal support and advice you need to get through it.
Reach out to our law office today at (516) 514-3868 to set up a case evaluation with our skilled divorce attorney and learn more about what we can do for you.