Dissipation of assets refers to instances when a spouse who is either in the process of getting divorced or will soon divorce, purposely wastes marital assets. If you are getting divorced and your soon-to-be-ex-spouse has wasted marital assets through reckless spending, gambling, drug use, or through other means, you should know that there is a legal process for recovering these funds. Read on to learn the specific criteria which must be met in order to claim dissipation, as well as learn how you can reclaim the money that was wasted.
Dissipation in Illinois Defined
Not just any type of spending is considered dissipation. The spending must happen during a specific time and meet other criteria in order to be considered dissipative. The Illinois Supreme Court provides the legal definition of dissipation. In Illinois, dissipation is the “use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time that the marriage is undergoing an irreconcilable breakdown.”