When facing a divorce that will involve large amounts of money or valuable assets, common sense dictates that it's important to protect future financial well being. One of the most practical ways to fight for post-divorce stability in Massachusetts is by seeking the guidance of a lawyer experienced in high asset divorce matters. With the right help, it may be possible to prevent damage done by dissipation of assets.
Dissipation of assets is a term used to describe the intentional act of wasting, spending or losing money in order to prevent a soon-to-be-ex-spouse from getting it in a divorce. This is a common tactic in a high asset divorce by the spouse with the higher income. The temporary loss of money will be offset by future earnings once the divorce is final.
A spouse may attempt to dissipate assets by buying extravagant gifts, wasting money, purchasing expensive items and/or even gambling. When a person suspects that his or her spouse is attempting to do this, it is important to act quickly to attempt to stop any more financial damage. An experienced lawyer can take quick action to prevent more harm and to protect the client's future financial interests.
If money is missing from accounts or that there are odd charges on credit card or banking statements, it is possible that the other spouse is moving to dissipate marital assets. By working with a team experienced in high asset divorce in Massachusetts, financial records can be gathered and evaluated. This effort may allow the client to make a strong claim to his or her rightful share of marital property when appropriate.
Source: Forbes, "What Is Dissipation Of Assets In Divorce And What, If Anything, Can You Do About It?", Jeff Landers, Nov. 1, 2016