There are instances where one party loses or wastes an asset, for example, gambles your house away, or sends your money on illegitimate causes. In some circumstances where this is proven, the Court might agree to given you a cash adjustment for the value of the lost asset or part of the value.
The significance of such an allegation is that the Court can add back into the pool of assets, the value of an asset in circumstances where:
(a) a party has engaged in a course of conduct designed to reduce the effective value of an asset; or
(b) a party has acted recklessly, negligently or wantonly with an asset to reduce its overall value.
If your divorce is a trainwreck and you need advice about how to end it professionally, then you should get advice from someone with experience in all kinds of divorces, including complex issues like spousal maintenance. We regularly act as family lawyers in Brunswick, Clifton Hill, Fitzroy, Kew and many of the surrounding northern suburbs of Melbourne.
For more information about how spousal maintenance is calculated in Victoria make sure to check our latest article.
Rowan Skinner is a highly skilled family lawyer with over 35 years of experience across various legal roles and jurisdictions. Rowan specialises in resolving family law disputes such as divorce, financial settlements, child custody and domestic violence cases. Through his diverse and extensive experience, Rowan has a deep understanding of the complexities and nuances involved in family law. Rowan is a skilled negotiator and litigator who follows a compassionate and client-focused approach which prioritises helping you navigate what can be an emotional and challenging time.