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Lombard divorce attorneysIdeally, every divorcing couple would be cooperative and amicable during the divorce proceedings and the time leading up to it. However, this is not how a large number of divorces go. Spouses are often at least partially resentful of each other or harbor negative feelings about their soon-to-be-ex. In most instances, these hostile feelings only result in a few sideways glances or muttered insults between the spouses. In more extreme circumstances, one spouse may try to “get even” or hurt the other spouse through excessive spending or squandering marital property. This wastefulness is called “dissipation of assets,” and Illinois courts take the matter very seriously.

What Exactly Does "Dissipation of Assets" Mean?

The concept of dissipation can be hard to understand. The formal definition of dissipation comes from the Illinois Supreme Court. Dissipation formally refers to “the use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time that the marriage is undergoing an irretrievable breakdown.” In order to know if your spouse is guilty of dissipation, you need to determine what property has been misspent. Generally, marital property includes any property or income which was accumulated by either spouse during the marriage. So, if a spouse wasted money from a bank account which was used for shared expenses like bills and household expenses, he may be guilty of dissipation.

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Lombard divorce lawyersThe process of property division is often a challenging part of any divorce. However, when high net worth comes into the equation, things can get extremely complex and very contentious. It is a good idea to engage a qualified attorney to help guide you and your soon-to-be-former spouse through with a minimum of trouble.

“High Net Worth” Defined

The term “high net worth” divorce is actually somewhat of a misnomer, because a couple does not necessarily have to be particular wealthy to fit this category in divorce law. Rather, they must have assets that can be complex to divide; it just so  happens that in many instances, complex assets include many that are extremely valuable. Not everyone has assets such as specific types of retirement accounts, antiques, or complicated investments, and it can require more skill and time to handle them effectively.

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Lombard divorce attorneysAsset distribution is a part of nearly every Illinois divorce, and it has unique potential to cause arguments and misunderstandings. Nowhere is this more common than in attempting to distribute assets with significant sentimental value. Both spouses may wish to retain an asset like a piece of art or jewelry that has good memories associated with it, and it can very often devolve into a fight over who will keep the item.

When, How, and Why?

The little details can make a difference. For example, the date, or rough date, of acquisition can often decide who actually has ownership of the item. If you or your spouse acquired the item before your marriage, it is your (or your spouse’s) property, with no obligation to share it. Illinois law holds that nonmarital property encompasses all that you owned before your marriage, unless you actively take the step of making it marital property. For example, if you own a parcel of land before your marriage, and sign half the interest over to your spouse, that land would qualify as marital property, because you took the affirmative step of involving your spouse in its administration.

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Lombard divorce attorneysThe practice of forensic accounting is based on the idea that careful analysis and investigation can reveal potential problems or concerns regarding the financial situation of the individual, business, or entity in question. Forensic accountants, for example, are employed by law enforcement agencies—including the FBI—to investigate white-collar crime. They may also play a role in divorce cases—especially when the couple’s finances are complex and hidden assets could present a problem.

The Problem of Hidden Assets

Illinois law requires the marital estate of a divorcing couple to be divided between spouses in a manner that is fair and equitable. The first step in dividing marital property is determining what assets the couple owns. If both spouses are not completely open and honest regarding their finances, determining the actual extent of the marital estate will be impossible. Too often, spouse will try to hide sources of revenue or even tangible assets during a divorce hoping to keep them from his or her soon-to-be ex-partner. Hidden assets may be a particular danger if one spouse maintains full control over the couple’s finances or if a spouse owns a business that could be used to cover deceptive behavior.

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Posted on in Division of Property

DuPage County divorce lawyersMaybe he is your best hunting companion, spending countless hours together in the woods or tracking game. Maybe she likes to curl up on your lap while you watch television or against your body while you sleep. Companion animals like dogs and cats play such a significant role in the everyday lives of millions of people. You would never consider taking your leafblower hunting nor would you want to cuddle up with a set of silverware and cup of hot cocoa. However, if you are going through a divorce, most states recognize companion animals simply as property, no different than the household items in these impractical examples.

Working Together

Communication and compromise are important tools for any divorcing couple when making arrangements for parental responsibilities and the division of property. Placing a dispute in the hands of the court to decide can lead to contentious hearings and an outcome that leaves one or both partners unhappy. When custody of pets is at issue, however, compromise is even more imperative. While there are some small signs of change around the country, most courts are not nearly as concerned with a pet’s best interest as they are with that of a child.

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