Am I responsible for my husband's gambling debts?

Gambling Debts and Asset Dissipation Typically, debts incurred by married spouses are considered to be marital debts, and the spouses will be jointly responsible for repaying the amounts owed.

divorceover50law.com - How Can Gambling Debts Affect a Divorce for Spouses Over the Age ...

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How Can Gambling Debts Affect a Divorce for Spouses Over the Age of 50?

In many cases, divorce for those who are 50 or older can lead to financial difficulties. When a couple has been together for many years or multiple decades, shifting to living separately can be a huge adjustment. While it can be difficult enough for a spouse to cover their expenses on a single income, some issues, such as gambling debts, can lead to additional financial problems. In these situations, a spouse will need to understand the role that gambling debts incurred by their former partner will play in their divorce.

Gambling Debts and Asset Dissipation

Typically, debts incurred by married spouses are considered to be marital debts, and the spouses will be jointly responsible for repaying the amounts owed. However, gambling debts may be approached differently, especially if one spouse acted without the other spouse’s knowledge when incurring these debts. In these cases, the use of marital funds for gambling purposes may be considered asset dissipation. Asset dissipation involves the use of marital property for the sole benefit of one spouse and for purposes unrelated to the couple’s marriage. This dissipation must occur while the marriage is undergoing an “irretrievable breakdown.” Gambling will often fall into this category, since a person who has a gambling addiction will often act without their spouse’s knowledge, and their actions will involve the use of marital funds for non-marital purposes. By showing that marital funds were used improperly, the other spouse will be able to ensure that this issue will be addressed correctly during the divorce process. If a person can show that their former partner committed asset dissipation, the spouse who created the gambling debts will most likely be solely responsible for repaying those debts. In addition, the other spouse may be allocated a larger percentage of the marital estate during the property division process to make up for the use of marital assets for non-marital purposes. However, a spouse will need to show that the asset dissipation occurred after the date that the marriage began to experience an irretrievable breakdown. A claim for asset dissipation cannot be made more than three years after the non-dissipating spouse first knew or should have known about the dissipation, and the dissipation must have occurred no earlier than five years before either spouse filed a petition for divorce. Gambling and other forms of asset dissipation can play a major role when determining how to divide marital property fairly and equitably between divorcing spouses. At Goostree Law Group, we can help you understand your rights, and we will advocate for your financial interests throughout the divorce process, working to ensure that you will have the resources you need to support yourself once your divorce is complete. Contact our Geneva gray divorce attorneys at 630-634-5050 to set up a free consultation today.

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://casetext.com/case/in-re-marriage-of-tietz

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What gets wet while drying?

The answer to the riddle is “a towel”. It is a bath towel because the more it dries, the wetter it becomes. When the towel is used to dry other things or people, it keeps on getting wetter as it keeps absorbing the water.

wizdygames.com - What Gets Wet While Drying? - Wizdy Games

Riddle and puzzles help our brain do the necessary workout and brainstorm. In general, riddles not only keep us busy, but they also keep us entertained. You might be wondering how anything can get both wet and dry at the same time. Riddles are a fun way to help support a child’s inventive reasoning and verbal familiarity. The riddle “what gets wet while drying” is quite artistic, interesting and exciting. It will allow your mind to do some brain exercise. You can have a really fun time guessing the answer to it and other riddles like what goes up and never goes down and others. Now, here’s a hint to make things easy: think about “what gets wetter the more it dries?” or “what gets wet drying you?” Can’t figure it out? No worries. Let’s check the answer. Here it is.

The answer to the riddle is “a towel”.

It is a bath towel because the more it dries, the wetter it becomes. When the towel is used to dry other things or people, it keeps on getting wetter as it keeps absorbing the water. Isn’t it simple and easy? The towel will dry your body and in the process, it itself gets wet.

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