Thinking of Spending or Hiding Money Before Divorce? Think Again.

Should you be hiding money before divorce? Or, what about spending or transferring money before divorce?

I seem to get a lot of questions like this lately.

When people are considering a divorce and seeking out a divorce attorney, they always want to know what they can do with their money. Can they take all of their money out of the bank? Can they take half of it and secrete it from their spouse? Can they spend it?

Dissipation and Spending Money Before Getting a Divorce

Most marriages start breaking down long before the first divorce petition is filed, so spending the money a month before you file for divorce will still be considered dissipation. There is no bright line to figure out what is dissipation and what is not.

  • If the money was taken and spent on gambling, I believe that would be considered dissipation.
  • If the money was taken and used to pay the mortgage, it might be considered dissipation, or it might not.

The facts of each case are different, and no hard-line rule applies.

Financial Records and Money Used for “Marital Purpose”

Making Decisions About Money Before Divorce

If you are wondering about large money decisions when involved in or contemplating divorce, it is recommended that you speak with an experienced attorney as soon as possible. Contact us today so our divorce attorneys can provide the legal guidance you need about divorce and divorce-related financial issues like spending or hiding money before divorce.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://illinoislawforyou.com/divorce/spending-hiding-money-before-divorce/

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