Chicago divorce attorney Russell D. Knight (https://rdklegal.com/dissipation-of-assets-in-an-illinois-divorce/) of the Law Office of Russell D. Knight has released a compelling new article focusing on the critical issue of "Dissipation of Assets in an Illinois Divorce." This enlightening piece examines the legal challenges and implications surrounding the misuse of marital funds during the dissolution of marriage.
In his latest work, Chicago divorce attorney Russell D. Knight discusses the concept of dissipation, which he describes as the use of marital property for one spouse's sole benefit for purposes unrelated to the marriage at a time when the marriage is experiencing an irreconcilable breakdown. "Illinois, while being a no-fault state for divorce, does recognize financial betrayal and takes strict accounting of extreme financial malfeasance on the part of either spouse," Knight explains.
Chicago divorce attorney Knight further elaborates on the types of expenses that could be deemed as dissipation. He points out that while many might associate dissipation with marital misconduct such as adultery, gambling, or drug use, the scope is much broader. "There are innumerable expenses that could be considered 'not related to the marriage'; buying a boat when the other spouse protested, a shopping addiction, vacations alone, even gifts or regrettable investments," Knight notes.
The article clarifies that dissipation claims must be formally issued within specific timeframes set by Illinois law. No dissipation will be considered if it occurred more than five years before the petition for dissolution of marriage was filed, more than three years after the aggrieved spouse should have known about the dissipation, or before the marriage began undergoing an irretrievable breakdown. "These three limitations allow the alleged dissipater to claim that any monies spent may have been inappropriately spent but were spent before any legally defined dissipation would be allowed to occur," Knight states.
One significant aspect of dissipation claims, according to Chicago divorce attorney Knight, is the burden of proof. Unlike typical civil cases in Illinois where the accuser must prove their claim, in dissipation cases, the spouse accused of dissipation must disprove the allegations. "It can be said that the dissipater is guilty until proven innocent," Knight remarks. This reversal of the burden of proof makes defending against dissipation claims particularly challenging.
In the article, Knight also addresses what happens upon a finding of dissipation of assets. Dissipation influences the division of marital assets, with courts often attempting to achieve mathematical equality, even though it is not legally required. An Illinois divorce court will value the assets and the dissipation in a manner it deems just based on the presented facts.
Defending against a dissipation claim, as Knight outlines, requires substantial evidence that the funds were spent on legitimate marital purposes. This often involves presenting receipts or credit card statements. If the alleged dissipation is based on unaccounted cash, there is a high likelihood of a finding of dissipation due to the difficulty in proving legitimate use. Knight emphasizes that what constitutes a "legitimate" expense is ultimately determined by the judge.
Knight concludes the article by discussing defenses against dissipation claims. The most effective defense is showing that the alleged dissipation occurred outside the statutory timeframes. Additionally, expenses paid from non-marital funds cannot be considered dissipation of marital assets. However, even dissipation of non-marital assets may be scrutinized if it impacts the equitable distribution of marital property.
Those concerned that their spouse has misused marital funds are advised to consult with a knowledgeable Chicago divorce attorney promptly. Strict timelines govern dissipation claims, and timely legal intervention is crucial to potentially recover wasted money.
Russell D. Knight's article serves as an invaluable resource for anyone navigating the complex matter of asset division in an Illinois divorce. The comprehensive analysis provided offers clear guidance on identifying, proving, and defending against dissipation claims.
About the Law Office of Russell D. Knight:
The Law Office of Russell D. Knight is committed to providing compassionate and informed legal representation in family law matters. Based in Chicago, Illinois, the firm can handle a wide array of cases, including divorce, child custody, and asset division. Led by Russell D. Knight, the firm strives to achieve fair and just outcomes for its clients through diligent legal advocacy and personalized service.
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