A spouse’s reaction to the news of divorce can vary widely. The significance and repercussions of divorce often make it difficult for spouses to cooperate with each other, and some may even feel compelled to engage in actions designed to punish or hurt the other spouse. One form of revenge, or perhaps just simple disregard for the laws of marriage and divorce, involves one spouse wasting or destroying marital assets during the time surrounding the divorce, thereby depriving the other spouse of the ability to receive these assets in a property settlement.
The financial fallout of divorce is one of the most difficult consequences that couples must face, and both spouses may struggle to support themselves if the terms of the divorce are not properly structured. The division of marital property is a huge part of finding financial security following divorce, and if one spouse deliberately misuses marital assets, this can put the other spouse in financial jeopardy.
Property Division During Divorce
Illinois follows the equitable division of property model, meaning marital assets will be divided according to what is most fair. Most settlements are roughly equal, unless circumstances require a different outcome....
A large and overarching issue in many divorce cases is the division of assets and more specifically, what to do with the marital home. This asset has a lot of sentimental value. Often, the marital home represents a substantial portion of a couple’s net worth. Couples should attempt to settle this issue without the Court’s involvement.
The importance of resolving this issue in the best possible way is quite high, as the outcome is typically tied to the future financial security of both spouses. However, if mutual agreement is not forthcoming, looking to a Court to decide the matter is usually the next step.
Illinois law requires Courts in divorce proceedings to divide any marital property between the parties in an appropriate and fair manner. Moreover, all relevant factors in the case must be considered. One of those factors for the Judge to consider is the dissipation of marital assets by one or both spouses.
Dissipation is the legal term for when a spouse wastes or misuses assets for his or her own benefit for a purpose unrelated to the marriage, as the marriage is experiencing an irreconcilable breakdown.
Common Types of Dissipation of Marital Assets...