Blog

Is it Dissipation of Assets or Simply Paying Ordinary Living Expenses in Your Greater Metropolitan Orlando, Florida Area Divorce?

There are factors the court considers to determine if a spouse is dissipating the assets. If the spouse is simply paying ordinary living expenses such as the mortgage, taxes, and attorney’s fees then most likely it is not dissipation of assets.   

However, if your spouse is using marital monies on a girlfriend/boyfriend/paramour/mistress then most likely it is dissipation. If your spouse has off shore accounts he is not disclosing to you in mandatory disclosure then it is dissipation. If your husband is hiding marital assets in a business or trust then it is dissipation, and you must join the business or trust into the dissolution of marriage case. If an irrevocable trust is involved, then you must join the beneficiaries of the trust into the dissolution of marriage too.

If your spouse is funneling marital assets to a relative and/or friend in order to hide them from you then it is dissipation. Again, you must join the relative/friend that the husband/wife is funneling the assets to into the dissolution of marriage.

Why is this important? It is important because dissipated assets that were used for ordinary living expenses are not included in equitable distribution. Therefore, your spouse does not need to reimburse for half of all those monies he/she used to pay ordinary living expenses. However, if the court finds that the party dissipated the marital assets and it was not for ordinary living expenses then the party must reimburse you for half of all the dissipation. Example: husband or wife spent $20,000.00 on their boyfriend/girlfriend and you have proved that fact by credit card statements. Then your spouse owes you $10,000.00. Dissipation can add up. That is why it is very important to complete mandatory disclosure, and when necessary serve your spouse with standard and special interrogatories and requests to produce. This is necessary to make sure you have a true financial picture; and that you obtain what you are legally entitled to obtain.

If necessary, you can subpoena bank and credit card records that your spouse refuses to provide. Further, you make need the assistance of a forensic accountant, if you have done the above and still have not gotten the information.

A financial account can do an IRS review wherein they analyze the income the spouse is paid to see if the finances are adding up, or if there should be more money available. A forensic accountant can also track down off shore bank accounts in other countries. However, that is an expensive process.

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation.

This article is for informational purposes only; and it does not form an attorney client privilege.