Economic Fault and Dissipation of Assets | Episode 84

Economic Fault and Dissipation of Assets in a Colorado DivorceIn this episode of Divorce at Altitude, Ryan Kalamaya discusses the concept of economic fault and dissipation of assets during divorce proceedings in Colorado. Ryan explains how the court handles situations where one spouse intentionally depletes marital assets in contemplation of divorce, and how such actions can impact the division of property.Using the example of Eric and Melanie Wolf’s divorce, Ryan clarifies the difference between marital fault and dissipation of assets. He discusses scenarios where a spouse’s actions—like transferring large sums of money or losing money in the stock market—might be considered dissipation, and how timing plays a crucial role in determining whether the court will add the dissipated funds back into the marital property division.Ryan also provides examples of cases where dissipation was not found, such as when personal injury settlement proceeds were placed into an irrevocable trust, or when funds were used for legitimate marital purposes. He shares cases where dissipation was found, including the example of someone withdrawing funds from a joint account or spending money on excessive vacations.This episode offers valuable insights for anyone navigating the complexities of asset division in divorce, especially when there’s suspicion of intentional financial misconduct.Episode OutlineWhat Is Dissipation of Assets?Explaining the legal definition and significance in divorce cases.Timing of Financial ActionsWhy the timing of asset depletion matters in dissipation claims.Examples of Dissipation That Aren’t Accepted by CourtsSituations where funds were not considered dissipated, including personal injury proceeds and asset liquidations for legitimate purposes.Successful Dissipation ClaimsCases where intentional depletion of assets, like gambling losses or improper withdrawals, were deemed dissipation.Key Takeaways for Divorcing PartiesStrategic advice on protecting assets and navigating accusations of dissipation.What is Divorce at Altitude? Ryan Kalamaya and Amy Goscha provide tips and recommendations on issues related to divorce, separation, and co-parenting in Colorado. Ryan and Amy are the founding partners of an innovative and ambitious law firm, Kalamaya | Goscha, that pushes the boundaries to discover new frontiers in family law, personal injuries, and criminal defense in Colorado. To subscribe to Divorce at Altitude, click here and select your favorite podcast player. To subscribe to Kalamaya | Goscha's YouTube channel where many of the episodes will be posted as videos, click here.  If you have additional questions or would like to speak to one of our attorneys, give us a call at 970-429-5784 or email us at [email protected].************************************************************************DISCLAIMER: THE COMMENTARY AND OPINIONS ON THIS PODCAST IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES AND NOT FOR THE PURPOSE OF PROVIDING LEGAL ADVICE. CONTACT AN ATTORNEY IN YOUR STATE OR AREA TO OBTAIN LEGAL ADVICE ON ANY OF THESE ISSUES.