Chicago Divorce Property Division Attorney
Illinois Dissipation Marital Assets Lawyer
Dissipation of marital assets is a legal term used to describe the wrongful expenditure of marital funds by one spouse for a purpose not related to the marriage. As examples, Dissipation of marital assets may occur when one spouse gambles excessively, and when one has used marital funds or assets to buy items for their boyfriend or girlfriend. Dissipation of marital assets is not limited to the wrongful spending of money. It may also include the failure to properly maintain or the destruction of property. For instance, destroying photographs or allowing a family home to fall into foreclosure may also be considered the dissipation of marital assets.
Contact the Illinois divorce property division attorneys at the Law Offices of Elliot Heidelberger to learn more about the legal issues involved in a dissipation of marital assets claim, whether you suspect your spouse of wasting marital funds or you have been accused of dissipation of marital assets. Our knowledgeable Illinois divorce attorneys have considerable experience representing clients involved in complex property division issues, including the dissipation of marital assets.
Dissipation of marital assets is limited to actions taken during the time when the marriage was undergoing an irretrievable breakdown. Determining whether or not dissipation of marital assets has occurred requires a careful analysis of timing of the events as well as the nature of the assets or funds wasted. Marital assets include funds such as employment income, investment income, and income from retirement accounts. If the marital funds or assets were earned or acquired during the marriage, they are presumed to be marital assets.
When dissipation of assets has occurred, the court may offset the amount of the wasted funds or assets in the final property distribution order. The dissipation of marital assets, or the allegation of dissipation of assets, can have a monumental effect on divorce settlement negotiations and the property division. Because claims of dissipation of marital assets involve complex legal issues, as well as a comprehensive financial investigation, it is essential to consult with an experienced divorce attorney.
Once a claim of dissipation of marital assets has been made, the accused bears the burden of proof to show that the alleged dissipation of marital assets did not occur. Any legal defenses must be launched swiftly and in the correct manner. At the Law Offices of Elliot Heidelberger, our skilled Illinois marital asset attorneys are well-versed in divorce and family law and we have significant experience representing clients, including high net worth clients, involved with complex property division issues.
The skilled Hanover Park divorce property division attorneys at the Law Offices of Elliot Heidelberger have more than 50 years of experience advising clients with respect to property division issues in a divorce. Whether you suspect that your spouse has dissipated marital assets, or you have been accused of dissipation of assets, we will undergo a complete financial investigation, along with a team of property division forensic analysis experts, in order to pursue a claim of dissipation or defend against a claim of dissipation of assets.
Contact the Illinois divorce attorneys at the Law Offices of Elliott Heidelberger at our Hanover Park office 630.289.4000, 630-665-7676) or our downtown Chicago office (312-443-8003) in order to schedule a free consultation to discuss any issues related to the dissipation of marital assets.