Dissipation of assets and high asset divorce

When a divorce involves valuable assets and other complicated financial matters, it can quickly become a contentious, difficult process. For a Kentucky couple facing a high asset divorce, it is important to prepare well and be aware of ways that the other party may attempt to undermine one's rightful claim to marital property. One of the most common ways that this occurs is by the dissipation of marital property.

Dissipation of assets occurs when one spouse intentionally wastes or spends money to prevent the other spouse from getting it. This is motivated by greed, anger or the intent to inflict financial harm on the other, possibly lesser-earning, spouse. If a Kentucky reader suspects that this is happening, he or she would be wise to act quickly to stop this from causing more damage.

A spouse could dissipate assets by spending frivolously, buying presents, making extravagant purchases or even gambling. Signs that this could be occurring include unusual purchases on banking or credit card statements or money missing from certain accounts. All marital property is subject to division, and any effort to keep a reader from his or her rightful share of marital assets should be stopped by securing the support of a knowledgeable attorney.

A person has every right to pursue a strong and stable financial future after a high asset divorce. An attorney can help a person understand the options available and advocate for an equitable share of marital property. Finances are a complex aspect of divorce, but a divorce law professional can guide a person toward a positive resolution to complicated financial disputes. 

Source: Forbes, "What Is Dissipation Of Assets In Divorce And What, If Anything, Can You Do About It?", Jeff Landers, Nov. 1, 2016

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