Naperville, IL Asset Dissipation Lawyers

Skilled Attorneys Protecting Clients Against Dissipation of Assets in Naperville, Illinois

In your divorce, your and your spouse's shared property will have to be divided. Illinois prioritizes fair outcomes in asset division, referring to a legal standard known as equitable distribution. Unfortunately, not all spouses engage with this process in good faith. If you fear that your spouse is wasting assets before your divorce, contact a Naperville divorce lawyer who can help you take legal action.

As one of the longest-standing law firms in Naperville, Fay & Farrow is equipped to address asset dissipation in high net worth divorces. We can help you take preventative action to protect against wasteful actions by your spouse or work to recover funds and assets lost to dissipation.

What Is Dissipation?

Asset dissipation occurs when one spouse intentionally wastes, conceals, or diverts marital funds or property in anticipation of divorce. Dissipation can take many forms, from extravagant personal expenditures to covert transfers of money or property. For example, a spouse might charge an excessive trip on a joint credit card, funnel funds to a family member, or claim false business expenses to siphon marital resources.

Illinois courts take dissipation claims seriously. When allegations of squandered marital property come up during the legal proceedings, judges look for spending or transfers that lack reasonable justification and occur shortly before or during the divorce process. Identifying dissipation and taking action against it early protects your financial interests and promotes long-term security.

How Can You Uncover Dissipation in Your Divorce?

Uncovering dissipation begins with a robust discovery process. Our firm can serve detailed document requests for bank and credit card statements, loan records, and business ledgers covering the entire marriage. Subpoenas to financial institutions can compel production of account histories and wire transfer records that might otherwise remain hidden.

Depositions allow counsel to question the dissipating spouse under oath about specific transactions. In parallel, forensic accountants can analyze financial data for irregularities, such as unexplained transfers or sudden spikes in spending. Electronic evidence like emails, text messages, and internal company records can sometimes reveal communications about planned transfers or excuses used to justify questionable expenses.

Lifestyle audits provide another layer of insight into a spouse's financial means and spending history. By reviewing travel itineraries, luxury purchases, and membership fees, professionals can flag spending patterns inconsistent with reported incomes. Together, these strategies can be used to uncover dissipation and form the basis for legal remedies.

Remedies for Dissipation in a Naperville Divorce

When dissipation is proven, Illinois courts have several tools to restore fairness. The most common remedy is to credit the innocent spouse with the amount dissipated, effectively adding that sum back into the marital estate. This adjustment may take the form of awarding additional assets or offsetting the dissipated value against the offending spouse's share.

In some cases, the court may order reimbursement directly, requiring the dissipating spouse to pay the wasted amount back into the estate. Judges can also impose sanctions for egregious misconduct, such as paying attorneys' fees. If dissipation involves fraudulent transfers, courts have authority to void or reverse those transactions.

Proactive legal action can halt further dissipation. By seeking temporary restraining orders or injunctions, your attorney can freeze assets and prevent additional waste. Early intervention and documentation of dissipation solidify your position in negotiations or trial and discourage improper behavior by the opposing party.

Contact a Naperville, IL Asset Dissipation Attorney

If you suspect dissipation, do not wait to take legal action. When you work with Fay & Farrow, we will investigate any signs of wasteful conduct, pursue the legal remedies you deserve, and advocate fiercely for an equitable division of assets. Call 630-961-0060 or contact our Naperville, IL asset dissipation attorneys to arrange a free consultation.