Marital asset dissipation refers to the misuse of marital assets by a spouse to deprive the other of their fair share. If your spouse intentionally spends or depletes marital funds for purposes unrelated to the marriage, especially after the marriage has begun to break down, you should not let it slide. It could deny you your rightful share of the marital estate.
Common examples of such instances include:
- Excessive spending on gambling, vacations or luxury items.
- Giving away marital funds or property to friends or family
- Spending money on an affair
Knowing the steps to take in such situations can help protect your financial interests and ensure a fair divorce settlement.
How Maryland courts handle dissipation claims
If the court determines that asset dissipation occurred, the offending spouse may receive a reduced share of the marital assets. Remember, Maryland is an equitable distribution state and marital assets are split fairly and not necessarily equally. The judge might assign you the value of the wasted assets to achieve fairness.
Evidence is key to your case
Proving marital asset dissipation goes beyond word of mouth. The burden of proof lies on you, and you must present evidence for a successful outcome. This generally involves showing the spending occurred when the marriage was irretrievable and for purposes not related to the marriage. Bank statements, credit card records and other financial documents can go a long way in supporting your case.
If you suspect marital asset dissipation in your divorce, act quickly. Gather financial records, document unusual spending and consider seeking legal guidance to strengthen your case. Understanding the laws in Maryland can help you protect your fair share of marital assets and ensure a more equitable outcome.