QUESTION
Supports for the in-laws -- dissipation of marital asset?
Asked on Jun 14th, 2017 on Family Law - New York
More details to this question:
If a spouse gives substantial financial support to his/her retired parents and part of this are used by the parents to finance a house under their names (which would presumably will eventually be inherited by the said spouse as he/she is the only child) . Does this counts as dissipation of matrimonial assets? Or more generally when where do dissipation of asset starts when it comes to supports given to in-laws?
1 ANSWER
Civil Rights Law Attorney serving Rockville Centre, NY
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Lori Nevias, Attorney at Law
1 Award
Maybe. I assume you are in the middle of a divorce or contemplating one, although you don't say so. It depends on many factors: whether this been going on throughout the marriage or started only since the divorce of discussion of divorce, whether the funds come from your income or only your wife's income, what percentage of your wife's income and your joint savings/assets is being used / has been used to financially support your inlaws, etc. If your wife is funnelling money to her parents as a way to dissipate marital assets, the numbers will prove it.
Answered on Jun 15th, 2017 at 6:35 PM