Divorce is not easy and comes with significant financial implications both for you and your partner. Have you thought of spending some money or hiding certain assets before you divorce your spouse? Bad idea!
Out of anger and strife with your partner, you might contemplate hiding some financial details or assets, primarily if you have worked hard for most of them. Doing this will bring legal trouble your way, and you are likely to lose credibility with the judge.
Dissipation of Marital Assets
When you realize that your marriage is irreconcilable and keep using marital assets for your benefit, your spouse may claim dissipation through your attorney. When you start spending money on anything out of your matrimonial purpose a month before filing for divorce, it will be considered dissipation in a court.
However, no hard line rule applies because if you spend it on the mortgage, the judge may overlook it, but you will be charged with dissipation if you spend it on gambling.
Penalty for Hiding Assets
Early in the case, both spouses sign a financial declaration showing all sources of assets and income. Suppose the court discovers that you did not give accurate information but knowingly withheld it. In that case, the judge might impose penalties ranging from paying your spouse’s attorney fees to getting a small share of the marital property. Depending on the complexity of the case, you could even go to jail.
Deciding on Money Issues Before Divorce
If you need to use the money before or after filing for the divorce, ensure you can account for all the expenditures. Keep all the records to act as proof when the matter comes up in court. All your financial records will be scrutinized, so if you can, talk to your spouse about placing the money in separate accounts. Doing this will make your case run more smoothly.
If you do not know where to start when it comes to assets and your marriage has come to an end, visit Law Office of Bradley R. Tengler, P.C. over any other attorney in Illinois. Contact us and we will give you legal guidance on family law and answer any legal questions you may have.