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Palatine, IL Dissipation of Assets Lawyer

Palatine Illinois division of assets attorney

Attorney for Dissipation of Property Claims Serving DuPage County and Cook County

There is seemingly no end to the variety of financial complications that can arise during a divorce, many becoming evident during the division of marital property. One such concern for some couples involves a term with which many are not familiar, but it can involve behaviors they may recognize. Using marital assets for the sole benefit of one of the spouses while the marriage is in the midst of an irretrievable breakdown is known as dissipation according to the Illinois Supreme Court, and this often becomes a problem in more contentious divorce scenarios. If your spouse has been spending too much of your money on his or her own interests while your marriage is ending, The Law Office of Nicholas W. Richardson, P.C. can assist you in exploring your legal options.

Rolling Meadows Property Division Attorney

While dissipation typically involves assets considered to be part of the marital estate, the court may also consider wasteful spending of a party's individual property to be dissipation in some cases. This is due to provisions included in Illinois law regarding determinations for spousal maintenance and child support, along with property division, which take into account each spouse's resources, both marital and non-marital.

Attorney Nicholas W. Richardson has been serving the family law needs of clients in Chicago's Northwest Suburbs for more than 15 years. He recognizes that dissipation can mean more than just frivolous spending unrelated to the marriage. Destroying or failing to maintain property such as real estate, personal belongings, and keepsakes may also be considered dissipation, as the result of such actions is often a net decrease in the value of the marital estate. Whatever form dissipation may be taking in your divorce, Attorney Richardson can help you protect your rights.

Irretrievable Breakdown of the Marriage

There two main points of concern in any claim for dissipation of assets. First, the money spent or assets lost must not have been used for marital purposes. Selling marital property specifically to pay down marital debts, for example, even without the other spouse's permission, is not likely to be considered dissipation. However, using marital funds to further a gambling addiction may be considered a use of marital assets for personal, non-marital purposes.

The second point involves the timing of the expenditures. Some married couples deal with financial unreliability and frivolous spending throughout their marriage, but such issues cannot be considered dissipation until the marriage has reached the point at which a breakdown is inevitable. Proof of reaching that point can be difficult to show, but Attorney Richardson understands the requirements of the law, and he is ready to work with you in making your case before the court. It is also important to understand that a claim of asset dissipation cannot be made more than three years after the alleged dissipation occurred, and any dissipation that took place more than five years before one spouse filed a divorce petition cannot be considered during the divorce process.

Contact Our Barrington Asset Dissipation Attorney

Whether your spouse has been dissipating marital assets, or you have been accused of dissipation, The Law Office of Nicholas W. Richardson, P.C. is equipped to advocate on your behalf. Contact our office today to schedule your free initial consultation to discuss your situation and get the answers you need. Call 847.873.6741 for an appointment. Attorney Richardson is proud to serve families in and around Cook and DuPage Counties, including the villages of Palatine, Schaumburg, Barrington, Rolling Meadows, and Arlington Heights.

Introducing The Law Office of Nicholas W. Richardson

Nicholas W. Richardson is an experienced divorce lawyer and mediator whose comprehensive legal knowledge, commitment to clients and reputation for results bring lasting solutions to your problems.

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