Candace Meyers Answers a Question about Dissipation of Marital Assets:
Dissipation occurs when marital property is improperly used for the sole benefit of one spouse for a purpose unrelated to the marriage. Our statute sets out parameters for making a claim of dissipation such as the time frame and the specifics needed. If a Court does deem money to be dissipated, then the spent funds will be considered an advance toward the spending spouse’s ultimate award of assets. Illinois has recently limited claims to three but no more than five years prior to the filing of the Petition for Dissolution of Marriage.
Read more about property division in Illinois.
Listen to a podcast about dividing retirement assets (below).
Family Law Attorney Arin Fife on Dividing Retirement Assets
More video FAQs about property division: