If you have been used to a comfortable standard of living during your marriage in Michigan, but now you are facing divorce, you may wonder how much of your current financial situation will carry over into your future as a single person. This will largely be determined by the court during the division of assets, which will be equitable based on the judge’s ruling rather than fifty-fifty. The team at The Law Office of Lorrie J. Zahodnic, P.C., has helped many people whose spouses have dissipated assets as a way to deprive them of their rights.
According to Forbes magazine, dissipation of marital assets is spending them wastefully in order to prevent them from being divided in a divorce. It could also involve running up large debts on joint credit cards, which you could subsequently end up making payments on after the final ruling.
There are many ways your spouse may fritter away your shared resources, including gambling, spending it on a friend or a new relationship, or squandering it on frivolous activities and purchases. If your spouse has always exhibited these habits, though, it may not be dissipation but just poor financial decisions.
The judge may decide that the spending does not qualify as dissipation if the amounts are not considered significant enough. It may also not be beneficial to you to make the effort to prove the dissipation in court, since this often requires careful financial investigation involving experts, and drawn-out litigation. More information about marital assets is available on our web page.