How Can Financial Infidelity Affect My Divorce?

 Posted on February 13,2023 in Illinois Family Law

Money is often cited as one of the main reasons couples encounter relationship problems. When one spouse feels like they are shouldering more of the financial burden than the other, or when spouses disagree about spending, this can lead to serious conflict. Unfortunately, money is also often at the root of infidelity in marriage. Whether it involves hidden bank accounts, undisclosed debt, or secret spending habits, financial infidelity can have a devastating impact on a relationship. When these issues come to light during a divorce, it is important to understand how they may affect issues such as property division. By understanding how to address concerns related to hidden assets, asset dissipation, or other forms of financial deception, you can make sure your rights and financial interests will be protected during your divorce.

Addressing Financial Infidelity When Dividing Marital Property

Financial infidelity can take many different forms, but all of them involve some level of deception or secrecy when it comes to money. In some cases, a person may have been hiding a bank account from their spouse for years, or they may have racked up a large amount of credit card debt without the other spouse's knowledge.

While every situation is unique, there are some general ways that financial infidelity can impact divorce proceedings. For example, if your spouse has attempted to hide assets from you, this could lead to an unfair division of property. Similarly, if your spouse ran up debt during your marriage without your knowledge, you may be responsible for repaying these debts.

To ensure that you understand the financial issues that may affect your divorce, it is important to gather all relevant records and any other information related to your family's money and property. Your attorney can help you use different methods during the discovery process to obtain the information you need. They can also help you work with financial experts such as forensic accountants to uncover any attempts by your spouse to conceal assets or information from you. By fully understanding your family's income, assets, and debts, you can make decisions about how to divide marital assets and debts in a way that will benefit you going forward.

Financial infidelity may also involve the dissipation of assets. This may occur in situations where a spouse uses marital assets for purposes unrelated to the marriage or family. Notably, a spouse's actions will only be considered dissipation if they took place after the marriage had begun to break down beyond repair. For example, if your spouse was engaging in an extramarital affair, and they used marital funds to buy gifts, go on trips, or otherwise pursue this relationship, this would likely be considered dissipation. Other forms of dissipation may be related to using marital assets for personal purposes, such as wasting money on gambling or drugs.

If your spouse has dissipated marital assets, you can raise this issue during the property division process. If the court finds that dissipation occurred, your spouse may be responsible for reimbursing the marital estate. If they do not have the means to do so, the amount that was misused or wasted may be considered during the asset division process, and you may be able to receive a larger share of marital property. By addressing this issue correctly, you can make sure you will be able to have the financial resources you need after finalizing your divorce.

Divorce is already a complex process, but when you factor in additional issues associated with addressing hidden assets or untangling complex financial situations, it can quickly become even more complicated. If your spouse has committed financial infidelity, you can take steps to address this issue and ensure that they will be held responsible for their actions. With the help of an experienced attorney, you can make decisions that will protect your interests and allow you to avoid any further financial difficulties.

Contact Our DuPage County Marital Property Division Attorneys

Financial infidelity is a serious issue that can play an important role in divorce proceedings. If you believe that your spouse has misused marital resources or attempted to hide assets from you, the experienced Oakbrook Terrace divorce lawyers at Farooqi & Husain Law Office can help you understand your rights and options. To learn more about how we can help protect your interests as you work to end your marriage, contact us at 630-909-9114 and set up a consultation.

Sources:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://www.isba.org/sites/default/files/cle/Dissipation.pdf