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5 ways a spouse might squander marital assets

On Behalf of | Aug 31, 2023 | Divorce

Navigating a divorce is rarely a straightforward journey.

If you face a high-asset divorce with elevated financial stakes, the potential for your spouse to waste marital assets is a concern that needs attention.

1. Spending extravagantly

One partner might engage in extravagant spending on personal items, luxury vacations or hobbies without consulting the other spouse. This behavior can jeopardize the financial stability of the marriage.

2. Making secretive transactions

Hidden bank accounts or undisclosed financial transactions can lead to a loss of transparency in marriage. One spouse might transfer assets to accounts the other does not know about, making it difficult to track joint finances.

3. Supporting extramarital affairs

Providing substantial financial support to an extramarital partner could deplete marital resources. This can negatively impact the financial well-being of the other spouse and the marriage as a whole.

4. Selling or giving away property

Selling valuable marital property, such as a house or car, without the consent or knowledge of the other spouse is often damaging. In some cases, a spouse may gift a relative an expensive collection or vehicle. This greatly affects the shared assets.

5. Making unwise investments

Amid the tumult of a high-asset divorce, impulsive financial decisions can arise. One spouse might engage in risky ventures that endanger the shared estate, potentially resulting in financial setbacks. Such ventures could include speculative stock investments, untested business startups or volatile cryptocurrency trading.

As you join the 14.47% of currently divorced people, you want to start fresh with the assets you deserve. New York courts take a comprehensive and equitable approach to asset division. If you can prove marital waste, the courts might opt for an unequal distribution to offset the effects of one spouse’s actions.

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