On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Friday, November 11, 2016.
When faced with the end of a marriage, some Kentucky spouses will act in ways that are uncharacteristic of them. This is especially true in regard to financial matters, where individuals can easily become extremely upset and sometimes downright unreasonable. An example is found in a practice known as dissipation of assets, in which one spouse intentionally acts to deplete the amount of marital wealth that will be subject to property division in a high asset divorce.
Dissipation of assets can take many forms. In some cases, spouses spend exorbitant amounts of money conducting one or more extramarital affairs. For other couples, dissipation of assets takes the form of excessive spending in the timeframe leading up to a divorce. Some spouses are simply so overwhelmed by anger or bitterness that they would prefer to waste money rather than hand over a portion of that wealth to their soon-to-be ex.
Dissipation of assets is a serious matter, and can be difficult for an individual to address on his or her own. Fortunately, there are professionals who are highly skilled at combing through a couple’s financial documents in search of evidence that money has been improperly spent. The resulting evidence can make a world of difference when it comes time to negotiate property division or to take the matter to court.
Kentucky residents who are concerned about dissipation of assets should consult with a qualified divorce attorney to determine the best course of action. In many cases, simply having proof that assets have been intentionally depleted is enough to convince the other party to act reasonably during property division negotiations. If the matter does end up in front of a judge, being able to prove one’s claims can result in a favorable high asset divorce outcome.