Imagine discovering your spouse is wasting the assets you worked so hard to acquire during the marriage simply because divorce is imminent. You may feel confused, frustrated and even betrayed, especially if you’ve spent years building financial stability together.
While your spouse still has legal access to the assets you earned together, you also have legal rights. Don’t sit back and watch your spouse drain what you both built.
What counts as wasting marital assets?
Not every questionable financial decision amounts to wasting marital assets. The law recognizes that spouses have some freedom in spending money during a marriage. As such, courts look for spending that’s excessive, selfish or outside of the marriage’s usual lifestyle, especially when it happens after the marriage begins to break down.
Some common examples include:
- Lavish spending on gifts, gambling or vacations
- Transferring money to friends or relatives
- Selling property for throwaway prices
- Supporting a new romantic partner with marital funds
If the intent was to keep you from getting your fair share, it’s likely to be considered dissipation or waste of marital property.
The dissipation of marital assets by either spouse is among the factors Indiana divorce courts consider when determining what each spouse is entitled to. As such, the court may offset the wasted amount against your spouse’s share.
Take swift action before it’s too late
If you suspect your spouse of financial misconduct in light of an impending divorce, begin by gathering the necessary evidence. This includes bank statements, credit card records, wire transfers, receipts or any documentation that shows unusual or excessive spending. Courts need solid proof to intervene in such cases, Most importantly, make sure you have experienced legal guidance to understand your options and the steps you can take to protect your financial interests.
