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What is Reckless Spending in Divorce?
Also known as dissipation of marital assets, reckless spending in divorce means one spouse is intentionally depleting or destroying marital assets. If your soon-to-be ex-spouse has been misusing assets or depleting funds that are considered marital property, there are consequences involved. Under Florida laws, you have protections through “equitable distribution.” Here’s what you need to know.
What is Equitable Distribution?
Before understanding the consequences of reckless spending, it’s vital to first understand how equitable distribution works. Florida courts will divide marital property according to what is “fair both parties” involved in a divorce. However, “fair” does not mean a straight 50/50 division of assets and property. When one spouse dissipates assets, it can have an impact on the outcome of equitable distribution. In this case, it’s critical to speak to an experienced attorney to protect your rights if your spouse is recklessly spending while going through a divorce.
Examples of Reckless Spending
When one spouse uses marital funds for personal gain and has no connection to the marriage, it can be considered dissipation of marital assets. Here are some examples:
- Spending extravagant amounts of money on extramarital affairs.
- Using up bank account funds before legal separation or divorce.
- Transferring assets before legal separation or divorce.
- Unjustifiable business expenses.
- Purchasing lavish vacations.
If it’s proven that one spouse intentionally dissipated assets improperly, the courts may give the other spouse an unequal property distribution award as compensation for the other spouse's reckless spending.
Need Help Filing for a Florida Divorce? Contact Our Family Law Attorneys.
Filing for divorce is complicated and taxing — and when one spouse purposely dissipates marital assets, it can be even more stressful to deal with. While Florida divorce laws are complicated, having the support from an experienced divorce lawyer can ensure your rights are protected under family law.
If you are feeling frustrated and unsure of how to handle the financial aspects of your divorce, we are here to help. Know that you are not alone. Our Jacksonville family law attorneys will guide you through the process and help you every step of the way.
Contact Owenby Law, P.A. today at (904) 770-3141 to schedule a free initial consultation with our team.