Your spouse may recklessly or intentionally waste or deplete marital assets without your knowledge or consent in light of the impending divorce. This is known as the dissipation or wastage of marital property that you are legally entitled to your rightful share.
The dissipation of marital assets can take various forms, from extravagant spending and gambling to more covert actions like hiding or transferring marital assets to third parties. Either way, the consequences can be financially devastating and emotionally draining.
First and foremost, dissipation can significantly impact the equitable distribution of assets during divorce proceedings. There will be less to divide between you and your spouse if a substantial portion of your marital assets has been squandered or hidden. Therefore, it is crucial to be vigilant and take protective steps to protect your financial interests if you are going through a divorce.
Open communication and meticulous documentation are key
Emotions may run high in the buildup to the actual divorce, but discussing financial matters is essential. Engage in open and honest communication with your spouse on handling shared assets and debts.
Most importantly, keep records of all financial transactions and assets that constitute the marital estate. These include bank statements, investment accounts, real estate holdings and other shared assets. The goal is to have a comprehensive financial paper trail that can serve as invaluable evidence of your spouse’s financial misconduct.
Explore your legal options
Don’t hesitate to seek qualified legal guidance if you are going through a divorce and are concerned about the dissipation of marital assets or facing similar challenges. Your financial well-being is at stake, and by taking proactive measures, you can secure your rightful share of the assets you are entitled to. Remember, being informed and prepared can positively impact the outcome of your divorce case.