You check your bank balance and discover your spouse withdrew or transferred all the money from your joint account. This scenario happens more often than you might think during Maryland divorces. The discovery feels devastating and leaves you wondering how you will pay bills or afford legal representation. Fortunately, Maryland law may offer you protection and remedies when a spouse depletes marital assets.
Understanding asset dissipation in Maryland divorce
Maryland courts generally view joint accounts as marital property, even if only one spouse earned the income. Your spouse cannot simply take all the money and claim it belongs to them. Here’s what you need to know about how Maryland handles this situation:
- Asset dissipation: Courts use this term when one spouse intentionally wastes, hides or transfers marital property to prevent fair division. Your spouse’s actions may qualify as dissipation if they emptied the account to deprive you of your fair share.
- Monetary adjustments: A judge can credit you for the missing funds during property division. The court may award you a larger portion of remaining assets to compensate for what your spouse took.
- Different from regular spending: Courts recognize that spouses need to pay legitimate expenses during separation. Your spouse may argue the withdrawals covered necessary living costs, mortgage payments or other reasonable expenses.
With these points in mind, you can make smarting decisions moving forward.
Immediate steps you can take to protect yourself
You should act quickly when you discover depleted accounts. Taking these actions swiftly can help:
- Gather all bank statements, transaction records and screenshots showing the withdrawals or transfers
- File emergency motions requesting temporary financial support or restraining orders to prevent further asset transfers with the help of an attorney
- Document where the money went as the court may require your spouse to account for every dollar they took and explain how they spent it
Waiting too long to address this issue can make recovery more difficult. An experienced family law attorney can help you understand your rights and explore options for protecting your financial interests during this challenging time.
