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TX divorce lawyerBecause Texas is a community property state, divorcing couples are usually required to divide all assets acquired during the marriage itself in an equitable manner. In most cases, both spouses retain access to these funds and assets while the divorce is pending, so that they can pay reasonable expenses, such as mortgage payments, utility bills, and childcare costs. Spouses who step outside of these limits could be found to have wasted marital assets, an act that is not taken lightly by divorce courts. If you are preparing for or have already filed for divorce and believe that your own spouse is wasting marital assets, you should contact an experienced high asset divorce lawyer who can ensure that your assets are protected.

What Qualifies as Wasting Marital Assets?

Known as dissipation, the wasting of marital assets during a divorce is prohibited under Texas law, which makes it unlawful to dissipate marital property by:

  • Taking out a loan that has not been authorized by the other spouse
  • Spending marital funds on vacations
  • Making expensive purchases without the other spouse’s approval
  • Withdrawing large sums of money from joint accounts
  • Giving extravagant gifts to friends and family members
  • Gambling large sums

Spouses who discover that their significant other has engaged in this type of waste in order to deprive the other party of an equal share of those assets upon divorce may have legal recourse, so it is important for individuals who find themselves in this position, to speak with an attorney as soon as possible.

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