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Divorce and frivolous spending

| Nov 15, 2016 | Divorce |

Once the tears dry up and reality sets in, it is time to analyze the situation and decide the best way to move forward. Divorce is usually not an easy process; however, most Connecticut individuals make it through and find a way to create a new life for themselves. While there are many issues that need to be considered, the financial ones are often the ones that can be of greatest immediate concern.

If the divorce is amicable and the couple is in agreement as to how assets should be divided, the financial concerns are lessened. However, if one spouse attempts to keep the other from being able to obtain or use assets, this can cause problems. This can be especially concerning if one spouse has been out of the work force for a number of years or earns considerable less than the other spouse.

One way in which some spouses can attempt to keep the other from having access to money is by spending it frivolously. This can be done through gambling or excessive purchases for a new love interest. The money is gone and is, therefore, not available to be divided between the divorcing spouses.

If one suspects that this is occurring, he or she will want to discuss the problem with experienced legal counsel. It may be possible to obtain an order through the Connecticut courts to prevent either spouse from significantly altering the financial picture of the marriage prior to the divorce being finalized. Such an action can prevent one from draining assets and thus making them unavailable to the other spouse.

Source: forbes.com, “What Is Dissipation Of Assets In Divorce And What, If Anything, Can You Do About It?“, Jeff Landers, Nov. 1, 2016

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