Pesce Law Group, P.C.

FREE CONSULTATIONS 630-352-2240

Naperville | Oak Brook | Burr Ridge | Lake Forest | St. Charles

Subscribe to this list via RSS Blog posts tagged in Illinois divorce

DuPage County divorce attorney dissipation of assets

Property division is often one of the most consequential aspects of divorce – especially for high-net-worth individuals. Some divorcing spouses reduce the value of the marital estate through excessive or careless spending or even intentionally destroying assets. This is referred to as the “dissipation of assets.” When a spouse spends money or property on a purpose not related to the marriage immediately prior to divorce, the other spouse may be entitled to compensation for the dissipated assets. Through a dissipation claim, you may be able to recover the value of assets your soon-to-be ex-spouse spent on extravagant vacations, gifts, or other unnecessary purchases.

Illinois Law Regarding Dissipation of Assets

The Illinois Marriage and Dissolution of Marriage Act (IMDMA) contains a provision defining dissipation and addressing how wasted or destroyed assets should be handled in a divorce. Dissipative spending is excessive spending that does not benefit the marriage in any way. So, spending money on groceries, home repairs, or other necessary, reasonable expenses would not qualify as dissipation. Examples of dissipation may include:

...

Naperville divorce lawyerIf you have decided to divorce and started the process of researching your options, you may feel as if you are being bombarded with unfamiliar legal terms. Many people who divorce have never been involved in a legal dispute or even stepped foot inside of a courtroom before, so it can understandably be overwhelming. One aspect of divorce that people often have questions about is divorce “discovery.” The discovery process involves each party and his or her respective attorney obtaining information and evidence from the other party. This fact-checking portion of the divorce process is an essential part of ensuring that the divorce settlement or judgment you receive is based on accurate and complete information.

What is Involved in Divorce Discovery?

The duration and complexity of discovery will depend on the value and complexity of each party’s assets, the level of contention between the spouses, and how willing the spouses are to be honest and forthcoming about personal information. When a spouse attempts to hide assets, lie about income sources, or is otherwise unwilling to be transparent about finances, the discovery process becomes even more crucial. Discovery can involve a number of different methods for exchanging information, including:

  • Disclosure: When a couple files for divorce, one of the first things each spouse will be asked to do is fill out a financial affidavit listing his or her assets, income, and debts. Each party will have the opportunity to review the affidavit and request additional information.

    ...

DuPage County divorce attorneysJust as every marriage is unique, every divorce is unique as well. There is no perfect way to end a marriage and spouses should choose the divorce options and resources which fit their particular needs. Some couples are able to get a divorce without any help resolving divorce issues such as disagreements regarding property division, child custody, or other concerns. However, many couples need help in order to come to an agreement about these issues. In situations such as these, divorcing individuals in Illinois may benefit from alternative dispute resolution in the form of mediation and collaborative law.

Mediation Can Help Couples Communicate About Divorce Issues

Understandably, it can be very difficult for divorcing spouses to come to a resolution regarding divorce issues. They may have feelings of resentment, anger, or blame toward each other which make it hard to discuss issues without the discussion collapsing into arguments. During the mediation process, divorcing spouses work with a qualified mediator who acts as a neutral third party to facilitate productive conversations.

Mediators will help the spouses identify the issues they agree on as well as those which they disagree on. Through a series of meetings, the mediator helps the spouses reach an agreement about the remaining divorce issues. Mediation is generally much more cost-effective than divorce litigation through the court. It is often a better way to resolve issues when children are involved because mediation proceedings are confidential unlike a public court feud.

...
Back to Top