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What does the phrase dissipation of assets mean?

There are many different issues that you will need to deal with when getting divorced in Colorado. the nature of this type of legal proceeding, a number of them will be financial in nature. While you may be aware of the fact that some spouses may try to hide assets from one another during divorce so that they are not required to split them, another tactic that some people employ is to spend money frivolously prior to or during the divorce. According to Forbes, this is what is known as the dissipation of assets.

For example, if you ask your spouse for a divorce and shortly thereafter, he or she spends a huge chunk of change on a gambling trip to Las Vegas, that may be considered dissipation of assets. However, if the amount spent is insignificant or money is spent on things that would be considered a regular part of his or her lifestyle, it would likely not qualify.

If you suspect your spouse is engaging in underhanded tactics such as trying to intentionally squander money so you cannot have it, there are a few steps you can take. One is to consult with a financial professional. Another is to closely track the financial statements for any joint accounts that you hold.

The reason the dissipation of assets can be so damaging is that the person who is doing the spending is often the breadwinner in the relationship. That is why many states institute an automatic temporary restraining order or injunction at the time the divorce petition is filed in order to prevent this from happening. This is not intended to be legal advice and is provided only as general information on this topic.

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