As you go through a divorce in New York, you know the court will work diligently to ensure an equitable split of assets.
Unfortunately, some people try devious methods to ensure that does not happen. Although New York requires full disclosure of marital assets, some people try to hide funds, or worse, waste them before the divorce hearing. If that happens to you, it means losing out on what you rightfully deserve.
Ways a spouse wastes marital assets
Waste or asset dissipation means that your spouse purposely wasted marital funds prior to the finalization of the divorce. Examples of wasting material assets may include frivolously spending money, paying for an extramarital affair, excessively gambling or partying, or transferring funds to someone else without providing a reason.
Requirements to prove marital waste
Even though you know your future ex’s tricks, the courts need solid proof. Like with many legal affairs, that means providing evidence. Ways to do that include demonstrating that the waste happened after deciding to divorce, showing that the money spent only benefitted your spouse, and proving that you did not consent to the use of your marital assets for the extravagant spending.
Consequences of waste dissipation
After proving marital waste occurred, the offender will face financial consequences. The courts may take a number of steps to ensure an equitable distribution. That may include forcing the offender to return the assets, deducting the wasted amount from the settlement, or making amends by getting less while splitting the marital funds.
While one hopes it does not happen, divorce may easily get dirty and chaotic. Staying on top of finances from the get-go may help ensure you get your fair share.