For many Maryland couples, dividing marital wealth is anything but a simple matter. Often, one spouse feels incredibly wronged and will go to great lengths to deny his or her partner a share of existing marital wealth. During property division, it is important that all spouses check for signs of dissipation of assets and prepare to take action if it appears that the other party has intentionally depleted marital wealth.
Dissipation of assets is the process of intentionally spending marital funds in an effort to reduce the amount of wealth available for division. This process plays out in a number of different ways. In some cases, the spouse who has been conducting an affair may spend excessive amounts of money on his or her love interest. For others, dissipation of assets takes the form of excessive spending.
Spouses should be concerned about the depletion of marital wealth, as the outcome of property division will have a significant impact on their financial stability in the years to come. It is important to take a proactive stance in the matter. That may mean calling in a professional.
A forensic accountant is a financial professional who is trained to comb over a couple’s financial life in search of discrepancies. These pros are able to identify areas that suggest dissipation of assets. The resulting evidence can be taken to court to ensure a fair property division outcome. This can have a great deal of impact on a Maryland spouse’s financial stability once the divorce is made final.
Source: Forbes, “What Is Dissipation Of Assets In Divorce And What, If Anything, Can You Do About It?“, Jeff Landers, Nov. 1, 2016