Claims of Dissipation of Assets in a Gray Divorce

 Posted on September 16, 2021 in Divorce

The term “gray divorce” has been used to describe the increasingly frequent divorce cases involving individuals in their 50s, 60s, and 70s. Older couples divorce for countless reasons. Some gray divorces are simply formalizing the end of a marriage that has been struggling for many years. Other times, an individual files for divorce after finding out that the other spouse was having an affair. Substance abuse or addiction can also devastate a marriage.

If you are divorcing and your spouse has misused, wasted, or destroyed funds or property, you may have a valid claim of “dissipation of assets.” You may be entitled to a proportionally larger share of the marital estate during the division of marital assets.

Wasting Assets Near the End of the Marriage

When a spouse misuses or squanders a substantial amount of property before property can be divided in a divorce, Illinois law offers a remedy through a dissipation of assets claim. “Dissipation” refers to using money or property that belongs to the marital estate for a purpose not benefiting the marriage while the marriage is experiencing a “breakdown.” In other words, dissipation is squandering money or property while the marriage is nearing its end.

Dissipation of assets can take nearly countless forms, but some of the most common examples of dissipation include:

• Spending money during an extramarital affair

• Purchasing gifts for an affair partner

• Selling property or using marital assets to fund a gambling addiction

• Physically destroying assets out of revenge or spite

• Not paying the mortgage or bills

• Spending money or selling assets to pay for drugs or alcohol

Legal Remedies for Dissipated Assets

If your spouse has spent a substantial amount of money or wasted assets and you are getting divorced, those assets may not be lost. You may be able to reclaim the value of the dissipated property. If the court finds that dissipation of assets has occurred, the court will take this into consideration during property division in the divorce. The innocent spouse may receive a proportionally larger share of the marital estate to compensate him or her for the assets lost to dissipation.

Contact a Wheaton Divorce Attorney

If you are thinking about ending your marriage or you have already decided to divorce and you think you may have a dissipation claim, contact Goostree Law Group. Our DuPage County divorce lawyers understand the unique challenges involved in divorce cases involving older adults. We can help you seek a property division settlement or judgment that takes wasted assets and all other relevant factors into account. Call 630-634-5050 for a free consultation.

Sources:

https://public.fastcase.com/ppbqSQpNDaJE%2F8PlIk0b8Bc0GJilAXFgqR3J%2BYngAFk%3D

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm