Realizing that your partner might be wasting marital assets before an imminent divorce or during the process can be unsettling. You may be wondering how much damage they can do, whether you’ll be left with less than your fair share and what you can do about it before it’s too late.
If you let it slide, there will be fewer assets to split. That means you’ll walk away with far less than you deserve, which shouldn’t be the case. The law protects you from such forms of financial misconduct during divorce, but you have to act to protect your share of the marital assets. Here’s what to do.
Gather relevant evidence
Secure bank statements, credit card bills, pay stubs and other financial records as soon as possible. Look for unexplained withdrawals, unusual expenses, new debts and suspicious asset transfers to friends or relatives. Having detailed and organized records strengthens your position in court while making it hard for your spouse to deny or conceal their actions.
Don’t confront your spouse directly
As tempting as it may be, avoid an open confrontation with your spouse. Doing so might prompt them to hide their tracks or move assets beyond your reach. Instead, quietly collect the necessary information and take swift, informed action to stop the problem.
Understand your rights
You’re entitled to a fair share of marital assets. If the court finds that your spouse has recklessly or deliberately wasted any of these assets, it can compensate you by awarding a larger share of what remains or ordering reimbursement. That said, don’t wait until the damage is done.
Getting experienced legal guidance as early as possible can help you take proper steps to safeguard your financial future, from tracing hidden funds and requesting financial disclosures to petitioning the court for temporary orders to freeze accounts and stopping unauthorized transactions.
