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In Florida high net worth divorces, all marital property is subject to equitable distribution between spouses. If one of the spouses squanders marital assets before or during divorce proceedings, the disadvantaged spouse will likely receive a larger share of the marital property.
In Florida, property division is subject to the principle of equitable distribution. However, this may change if one of the spouses is found culpable of dissipating assets.
Asset dissipation generally refers to one partner irresponsibly spending or mishandling assets to reduce the value of the marital property, which is subsequently considered for equitable distribution. Some financial transactions and maneuvers can be intricate and challenging to identify. If not dealt with, they could lead to an inequitable distribution of assets, unfairly favoring one partner in the ultimate agreement.
An important factor to consider is that proving wasteful dissipation is the responsibility of the accuser. Sometimes it may not be worth pursuing, even if it were to have standing, due to the high cost of securing sufficient evidence.
Florida law refers to the wasteful dissipation of assets as unjustified wasting of marital assets through:
If there is a reason to believe that your partner engaged in or is currently engaging in unjustified spending or accumulating excessive debt, you need to take the necessary steps to prevent that from happening any longer. There is a possibility to file a petition with the court, asking for an injunction that would prohibit the spouse from dissipating marital funds while your divorce is pending.
If you want to obtain a larger share of the marital assets by invoking the wasteful dissipation of marital assets before or after filing your high net worth divorce, you must provide solid evidence to support your claim. This type of evidence can consist of the following:
Even if Florida is an equitable distribution state, the courts have the discretion to take into account several factors, such as the wasteful dissipation of marital assets, to decide what constitutes a fair division. You can schedule a free consultation with our skillful high net worth divorce attorney at The Law Offices of Sean M. Cleary to discuss the dissipation of assets in your high net worth divorce case.
Only a competent attorney can provide evidence of wasteful dissipation of funds and assets in a compelling way to ensure their clients are awarded a fair and just share of marital assets in a high net worth divorce.