Divorce can be a complicated and emotional process, especially when it comes to dividing assets and determining financial support. However, reckless spending can further complicate the process and potentially impact the outcome of the divorce settlement.
Here are some key points to keep in mind.
What Is Wasteful Dissipation?
Wasteful dissipation refers to the reckless or excessive spending of marital assets for the benefit of one spouse to the detriment of the other spouse.
This can include excessive gambling, extravagant gifts to a third party, or even substance abuse.
How Can Wasteful Dissipation Affect Your Divorce Settlement?
If one spouse engages in wasteful dissipation, the court may attribute that spending to that spouse's share of the marital assets.
For example, if one spouse spends $50,000 on gambling during the marriage, the court may award the other spouse an additional $50,000 to make up for the wasted funds.
The reasoning in this situation is that the spouse who engaged in wasteful dissipation already spent money on their own interests. The other spouse, then, would be financially harmed by a division of marital assets that didn’t take wasteful dissipation into account.
How to Prove Wasteful Dissipation
Proving wasteful dissipation can be difficult, as it requires showing that the spending was excessive and not in the best interest of the marriage.
This can involve gathering evidence such as bank statements, credit card statements, and witness testimony.
How an Experienced Attorney Can Help
Wasteful dissipation can have a significant impact on your divorce settlement, and it's important to be aware of the potential consequences. By understanding what wasteful dissipation is and how it can affect your settlement, you can move forward with confidence and clarity.
Navigating divorce and the division of marital assets can be overwhelming, especially when dealing with the complexities of wasteful dissipation. An experienced attorney, like Kay Polk, Attorney at Law, can help guide you through the process and ensure that your interests are protected.
For more information about how we can help, contact us online.