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Dissipation of assets can drastically impact divorce

Many Colorado residents gain a different perspective on their spouse as their marriage comes to an end. Often, divorce brings out the worst in people, especially where financial matters are concerned. Some spouses go so far as to take steps to intentionally deplete marital wealth, a process known as dissipation of assets. That can have a drastic impact on the eventual property division settlement.

One way that dissipation of assets commonly occurs is when one spouse spends marital funds to conduct an affair. When many spouses find out that their partner has been unfaithful, that knowledge is swiftly followed by the discovery that marital wealth was used to support and continue that relationship. In some cases, that is even more of a slap in the face to a spouse whose partner has been unfaithful.

In other cases, dissipation of assets is simply the result of excessive spending. A spouse who is unhappy or bitter about the prospect of divorce may decide that he or she will simply spend down shared assets to reduce the amount of wealth that will be subject to division during divorce. While that seems like faulty reasoning, it is not an uncommon practice.

Colorado spouses who are concerned about dissipation of assets should meet with a qualified divorce attorney to discuss the matter in depth. In some cases, a forensic accountant can be hired to determine the full extent of dissipation of assets. The evidence secured during that process can be instrumental in achieving a fair settlement, whether through negotiations or in court.

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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