How Does A Court Divide Property If My Partner Has Wasted Our Assets?
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. We regularly act as family lawyers in Melbourne Brunswick, Clifton Hill, Fitzroy, Kew and many oft he surrounding northern suburbs of Melbourne.