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Tips for Divorcing a Compulsive Shopper or Spendthrift Spouse

Posted on in Divorce

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When we hear the word “addiction,” most of us assume the addiction is a substance abuse problem. However, many people suffer from addictions that are not related to drugs and alcohol in any way. A shopping addiction, also called compulsive shopping or compulsive buying, can be a major problem that has significant implications on a person’s life as well as the lives of family members. If your spouse is a compulsive shopper or simply spends too much money on unneeded items, you may have concerns about how this excessive spending will influence your divorce.

Protecting Your Financial Future

Most individuals with a shopping addiction are not simply greedy or consumeristic. Many use shopping as a means of coping with low self-esteem, depression, anxiety, or other personal struggles. Although their excessive spending may not be malicious, it can have devastating effects on a couple’s finances. If you are planning to divorce your spouse and he or she has a problem with overspending, there are several steps that may help you protect your financial future:

  • Open Your Own Bank Account: If you do not already have a bank account that is in your name only, now is the time to get one. Make sure to inform your spouse about the account and how much money you are depositing into it. Opening an account without notifying the other spouse may lead to accusations of hiding assets.

  • Obtain a Financial Restraining Order: Restraining orders do not only protect individuals from domestic violence, but they may also be used to prevent spouses from making certain financial transactions during a divorce. A financial restraining order may prohibit a divorcing spouse from closing bank accounts, hiding assets, selling marital property, making extravagant purchases, and more.

  • Consider a Legal Separation: Many divorce cases take months or even years to complete. One way to separate your finances from those of your spouse is to obtain a legal separation. If you are legally separated, you will not be held accountable for the debts accumulated by your spouse between the separation and the divorce.

  • Educate Yourself About Dissipation Claims: Dissipation claims are used to recover the value of the property that was wasted during the end of a marriage. You may have a valid dissipation claim if your spouse wasted property or spent money on a purpose not related to the marriage while the marriage was breaking down. You may be entitled to a greater share of the marital estate as a result.

Contact a Hinsdale Divorce Lawyer

If you are planning to divorce and your spouse has a history of reckless spending, you need to take action to protect your finances. For help obtaining a financial restraining order, dividing marital debt, negotiating a divorce settlement, and much more, contact the experienced legal team of Botti Marinaccio, LTD. Call our office today at 630-575-8585 to schedule a confidential consultation with one of our accomplished Cook County divorce attorneys.

 

Sources:
https://www.investopedia.com/terms/c/compulsive-shopping.asp
https://www.liveabout.com/protecting-your-money-during-divorce-follow-these-11-tips-4121232

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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