Help! My Spouse Is Spending Our Assets While Our Divorce Is Pending!
Excessive Spending During A Pending Divorce
Divorce is always difficult. The stress of divorce can make people do strange, and sometimes vile, things. One common behavior involves a spouse wasting marital assets (also known as going on a major spending spree).
Wasting Marital Assets
If your spouse is engaging in the practice of wasting marital assets, it can make a horrible situation even worse. This wasting of assets can happen at anytime—even before a divorce is in the mix. A spouse who is wasting assets may engage in squandering your collective savings or may simply rack up credit card debt that you can’t possibly pay.
What Is A Wasted Marital Asset?
Good faith investments and other monetary expenditures are not considered a waste of asset—even if they don’t work out financially. Misuse of your joint property that results in a loss, however, could reach the level of wasted assets. Several examples of wasting marital assets commonly apply to Texas divorces:
- Racking up gambling debts
- Purchasing expensive gift for family members or friends
- Spending money on an extramarital affair
- Purchasing an extravagant new vehicle or boat
- Taking out a loan without obtaining the consent of one’s spouse
- Making significant stock investments without consulting one’s spouse
- Having elective surgeries or cosmetic dental work done
- Experiencing major business losses that are not discussed
- Making major improvements to separate property
- Using joint finances to pay down debts
- Stockpiling household items and supplies to set up a new residence post-divorce
If your spouse engages in any of these activities, or activities like them, they are probably breaking the fiduciary duty owed you, and you need an experienced divorce attorney to put a stop to this excessive spending. Your financial rights matter.
Spouse’s Fiduciary Duty
A spouse’s fiduciary duty refers to each spouse’s duty or legal obligation to act in the best interest of the other spouse. Texas recognizes an unambiguous spousal fiduciary relationship, in which each spouse owes a fiduciary duty to the other and to the management of their community estate.
Proving Actual Fraud
To prove actual fraud, you’ll have to show that your spouse transferred community property in such a way as to dishonestly or deceitfully deprive you of that property and that these actions harmed your communal estate. This is usually exceedingly complicated. You should work with an experienced divorce attorney to help you through the process.
Consult With A Richmond, Texas, Divorce Attorney Today
If you’re involved in a Texas divorce, or even considering divorce, and you think your spouse may be wasting marital assets, you need a skilled divorce attorney on your side. Attorney Frank J. Vendt at The Vendt Law Firm, P.L.L.C., is here to help. When one spouse is wasting marital assets, it’s almost always a time sensitive matter, so schedule an appointment with Mr. Vendt today by contacting or calling our office at (832) 276-9474.