When your spouse and you are going through a divorce, there are many things that you must inevitably face and certain other things that you would prefer not to face (but many spouses do). For many divorcing couples, the separation period can be a period of high financial stress. Sometimes, marital assets may be dissipated in order to pay for the increased amount of expenses created by the separation. Other times, marital assets get dissipated due to the misconduct of one of the spouses. In these situations, one spouse may ask the court to resolve whether or not that dissipated asset is included in the equitable distribution. For advice and representation with regard to the dissipation of assets and equitable distribution questions and issues, make sure to contact an experienced Florida equitable distribution attorney.
A divorce case from the Florida Panhandle was an example of what isn’t misconduct when it comes to asset dissipation. During the period of separation and litigation of the divorce case, the husband, Justin, withdrew a substantial amount of funds from a thrift savings plan he had through his employer, the U.S. Air Force. The wife, Janie, allegedly knew nothing of the withdrawal. Withdrawals normally required both spouses’ signatures, but Justin was able to obtain a waiver that allowed him to make the withdrawals without Janie’s signature.
According to Justin, he made the $17,000 withdrawal (and used the money) to pay marital debts along with the living expenses he was incurring during the pendency of the divorce. At the couple’s divorce trial, though, the court concluded that the wife was entitled to a share of the withdrawal (and the $3,000 withdrawal penalty) Justin made, so the court ordered the husband to pay the wife $10,000.