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Watch out for a spouse destroying assets in a divorce

On Behalf of | May 24, 2019 | Uncategorized |

Divorce has been a prominent part of American life for decades now. However, there appears to be a decline in the divorce rate around the country. Many millennials wait until they are much older before marrying. Combined with other factors, that has brought the divorce rate in Connecticut and other states down significantly. 

Despite this, plenty of married couples still go through a divorce. It is a tumultuous time, but hopefully, both spouses can manage to act amicably toward one another. In some cases, one spouse decides to be vindictive and goes out of his or her way to destroy assets so the other spouse cannot receive them. It is vital to be aware of this possibility so you can circumvent it before too much goes away. 

Ways in which a spouse can get rid of assets

A divorce tends to lead to an equitable division of assets wherein each spouse receives a relatively equal amount. Some people are not happy with this and will go out of their way to get rid of assets before finalizing the divorce, so the other spouse gets less. This can take the form of spending large quantities of money on high-ticket items and lavish vacations. A spouse may take a valuable piece of artwork or vehicle the couple owns together and give it to a friend or coworker as a “gift.” 

Some spouses will even attempt to eliminate property. If the mortgage payments are in one spouse’s name, then that person could purposely miss payments. This can lead to the bank foreclosing on the property, meaning the couple cannot split the house or even sell it to divide the profits. Anyone who believes she or he has been a victim of the destruction of assets should speak with an attorney right away. The spouse may have gotten rid of money and items, but it is possible for the other spouse to retain a greater share of the remaining assets with the right legal strategy.