What is wasteful dissipation of marital property?

What is wasteful dissipation of marital property?

One such harmful action that we sometimes see is known as the wasteful dissipation of marital assets. This is exactly what it sounds like: purposely wasting money and other marital property for one’s own benefit, and to prevent one’s spouse from obtaining his or her fair share of property division.

What is dissipation in divorce?

Simply put, dissipation is the spending of marital funds, or use of any marital asset, for some purpose that does not benefit the marriage. Dissipation is money that is leaving the marital estate, thereby reducing what remains to be divided in the settlement of the marital estate.

How do I find hidden assets in a divorce?

You may find bank statements, stock certificates, or title to property. Typically, it is easy to store documents away and hide them from the other spouse because when we have no reason to go looking for things, we do not. This may be one of the easiest and most effective ways to find hidden assets.

Can my wife get half my business in a divorce?

Your wife will not receive half of your ownership in the company but is entitled to half of your interest’s value. Therefore, it would not be unreasonable for the court to award you your 25% business interest and order you to compensate your wife for her part of the interest through other resources.

How is an LLC treated in a divorce?

Divorce courts generally don’t dissolve FLPs, LLCs or corporations, particularly if third parties – such as children – have an ownership interest. The courts adjust the ownership interests so each ex-spouse winds up with an equal percentage.

Is your wife entitled to half?

In this case your wife is entitled to a minimum of one-third of the full value of your estate on the basis that there are children and/or grandchildren around. If there had been no children or grandchildren she would have been entitled to a half of all your wealth.