What to do about asset depletion in divorce

On Behalf of | Nov 3, 2016 | Uncategorized |

Depletion of assets happens when one person in a Florida divorce spends marital assets in an effort to keep the other spouse from being able to claim them as part of property division. It may be possible to seek a restraining order to stop this from happening. It prevents major financial changes to marital property. However, if it is not filed in time or at all, and asset depletion occurs, then people may need to used other methods.

It may be possible to pinpoint the depletion by looking over financial records such as credit card statements. Another option is hiring a forensic accountant who is experienced in detecting financial irregularities.

A spouse who has not worked outside the home may be particularly vulnerable to asset depletion. When one spouse is high-earning, they may spend assets with the assumption that they will be able to replace the money after the divorce. The consequences for the stay-at-home spouse, who may then receive little or nothing in the divorce, could be devastating.

A person who is concerned about asset depletion might want to discuss the situation with an attorney at a Hillsborough County High Asset Divorce Firm. If the person has been out of the workforce, they may be able to get support from their spouse while they train for employment. If the individual is unfamiliar with the family finances, they might want to take records such as tax returns, bank statements and investment information to their attorney. The attorney may be able to review the documents and give the individual a realistic picture of how property division might proceed. Individuals might want to be careful about making decisions that could jeopardize their long-term financial security such as giving up a retirement account in exchange for keeping the family home.