Wasting Assets Attorney in Bergen County, NJ
Serving Ridgewood, Franklin Lakes, Wyckoff, Montvale, and across New Jersey
Either spouse’s waste of assets can happen during a marriage or in the course of a domestic violence, separation, or divorce proceeding. Typically, what distinguishes normal spending from wasteful/intentional/revenge spending is the amount spent, the purpose of the spending, and whether it was done with the other spouse’s knowledge and/or consent. If your spouse is excessively spending, it is critical to consult an experienced New Jersey family law attorney who can explain and aggressively advocate for your rights. At the Elfant Rickett Law Firm in Hackensack, NJ, we understand the extreme duress associated with having a spouse who is wasting your hard-earned assets. You may feel held captive in this situation but you have legal options. Our law firm concentrates on divorce and family law matters in New Jersey and we are poised to assist you with holding your ex accountable and obtaining the settlement you deserve. To arrange a consultation about your specific situation, contact us anytime at (201)-968-5700 or reach out online.
What is Considered Wasting Assets in New Jersey?
During the course of a domestic violence proceeding and/or a divorce proceeding, either spouse may need access to marital assets or credit cards for a new residence, their vehicle, medical needs, and/or spending money for daily life expenses. Those types of expenses aren’t considered wasteful spending. Instead, a spouse who dissipates assets is one who squanders a couple’s savings or racks up credit card debt either during marriage, domestic violence proceeding or during the divorce proceeding.
Some common examples of wasteful spending include:
- Large gifts to family members or friends
- Money spent on an extramarital affair or lover
- Large spending from a couple’s joint bank accounts or credit cards
- A new loan taken out without the other spouse’s knowledge or consent
- Purchase of a new car
- Major business losses or stock related transactions.
What Should I do if my Ex is Spending Excessively?
There are steps you can take to stop your spouse’s intentional/frivolous spending, including freezing assets. In certain scenarios, you can seek the Court’s help to stop a spouse’s wasteful spending before the losses become too large. To obtain a financial restraining order, you will need to submit an emergency motion to the Court explaining that your spouse is intentionally or as part of revenge, squandering marital funds or racking up credit cards.
These types of emergency motions can become an order of the court immediately if you’ve brought the right evidence. When a judge issues an order freezing assets, it can work a number of ways. For example, a court order may allow each spouse to spend only a designated amount of money each month from the couple’s earnings. In other cases, a court order may prevent either spouse from selling or purchasing stocks, property, cars, and other assets. A financial restraining order can also prevent one spouse from opening new accounts and transferring marital funds to a secret account.
What Happens if a Judge Decides my Spouse Dissipated Assets?
As discussed above, there are consequences for either spouse’s misuse of marital funds. The reasoning behind this rule is that certain monies belong to both spouses–they are marital. When one spouse misuses marital funds, he or she has deprived the other spouse from getting their fair share of the martial funds. As a result, a judge will factor in either spouse’s reckless spending when dividing property as part of the divorce, to protect the innocent spouse and make certain that he or she is reimbursed.
This means that if your spouse spends $100,000 on a lover or multiple extramarital relationships, you may be entitled to additional alimony or an equivalent amount of property as part of equitable distribution to make up for the funds depleted by your husband or wife. How much you receive will depend on the unique facts of your case. An experienced New Jersey divorce attorney can help ensure you receive the amount to which you are entitled.
Contact a Mahwah NJ Wasting Assets Lawyer for Help with your Case
If your spouse is wasting assets and you’re unsure about what to do next, contact The Elfant Rickett Law Firm to speak with a knowledgeable New Jersey family lawyer who can help. We assist clients in Bergen County and throughout New Jersey with financial issues involved in divorce, as well as domestic violence restraining orders, and related family law matters. Call (201)-968-5700 now for the answers you need.