Wasteful dissipation of assets or poor financial judgment?

My spouse runs his own business (sole proprietorship, no form of corporation at all) very poorly. For the past 5 years he has spent all earnings on buying more inventory and expends currently over 4K/month on storing them. His personal credit card is 40K in debt and he refuses to try to pay it off. He has a lot of inventory (art, expensive art books) but there are no liquid assets. We have 2 children. I am in process of earning my professional license in architecture after many years spent as sole care-giver to the children. Would my spouse's uncontrollable spending on behalf of his business be considered wasteful dissipation of assets?