BROOKLYN, New York. Divorce can be a difficult process. The ending of any relationship can be tough enough as it is, but with divorce, you have the added complications of dividing assets, splitting debts, and making child custody decisions. In many cases, a qualified divorce attorney can help couples reach a reasonable decision about how to divide assets and debts. But, what happens if your ex spends your savings or your retirement money before you divorce and then asks to file for divorce?
According to Forbes, this is known as “dissipation of assets.” Individuals sometimes dissipate assets on an affair, or they spend the couple’s assets on expensive vacations, cars, or other goods for themselves before filing for divorce. They may do this to avoid giving their partner the money, or they may do this in the erroneous belief that by buying assets like boats and cars in their own name, they can prevent their partner from accessing the money.
For a stay at home mom in this situation, the results can be devastating. If you are getting divorced and are concerned that your partner might gamble away the money you have in savings or retirement, you have the right to ask for an Automatic Temporary Restraining Order. If you believe money has already been spent, ask for detailed financial statements for shared bank accounts.
It is important to note that it can be tough to prove that a partner is “dissipating assets.” For example, if your ex took another woman out to dinner, this might not be enough to prove “dissipation of assets.” However, if he bought her a $5,000 necklace, you might have a case. Similarly, if it is common for your ex to spend money on himself on a lavish ski trip each year, you’ll have a hard time proving that last year’s ski trip was “dissipating assets.”
According to Market Watch, it is also important to consider other reasons why an ex might suddenly empty out savings accounts. An ex might empty accounts to hide savings elsewhere. The money may not be spent. Before assuming the money has been spent and lost, some individuals hire forensic accountants to determine where the money went.
Finally, if your ex did spend your savings or retirement accounts, there are ways your lawyer can seek a divorce settlement to protect you financially. For example, you may be entitled to receive the family home or equity in the home in compensation. Or, you could ask a judge for more in alimony to compensate you for the lost retirement money.
Whatever course, it helps to have a qualified divorce lawyer like the Elliot Green Law Offices in Brooklyn, New York. Our firm can review your case, the circumstances of your divorce, and other factors that could play a role in how your assets are divided. Visit us today at https://www.elliotgreenlaw.com/ to learn more.
Elliot Green Law Offices
32 Court Street, Suite 404
Brooklyn, NY 11201
Phone: 718-260-8668
Phone: 718-689-0282
