Stallone Divorce Highlights Disputes over Intentional Dissipation of Assets
Hollywood divorces are not exactly uncommon. It can seem there is a never-ending parade of celebrity breakups. The divorce of Sylvester Stallone and his wife Jennifer Flavin after 25 years is slightly different though. Along with her claim that the marriage is irretrievably broken, Flavin is requesting a higher share of the marital estate because she alleges that her husband intentionally wasted the couple’s assets.
In his response to the divorce filing, Stallone denies that he squandered marital assets, though acknowledging that the marriage cannot be saved. Given the wealth of the couple, a determination that the “Rocky” star wasted marital funds could sway the eventual property division order by millions of dollars.
Even if you don’t have the same level of fortune as Stallone and Flavin, a claim involving intentional dissipation of martial property might have a significant effect on your asset division and alimony terms. If you believe that your partner is squandering money or other types of property in anticipation of a divorce, you should contact a qualified attorney immediately to protect your rights. You should do the same if you’re being accused of this type of misconduct.
Resolving a question involving the purposeful dissipation of marital funds could be very complicated and might require forensic accounts and witness evidence. Many husbands and wives make foolish purchases over the course of a marriage that do not necessarily support an adjustment to property division terms. Factors a court might consider in deciding a case of alleged intentional dissipation include:
- Whether the party accused of squandering assets notified their spouse of their actions
- Whether assets were dissipated in anticipation of the divorce in order to obtain more favorable terms relating to property division, alimony and/or child support
- Whether the spouse honestly believed at the time that the use of funds would be worthwhile
- If a husband or wife secretly diverted money from their household in order to carry on a relationship with someone else
Speaking with a knowledgeable New York lawyer is the first step you should take if the alleged dissipation of marital assets is a potential issue in your divorce. Bryan L. Salamone & Associates, P.C. is a premier Long Island divorce law firm. We will take a close look at your situation, outline your options and assess the likelihood of a favorable outcome. For a consultation, please call 1.631.479.3839 or contact us online.