Spend happy ex

[scaredunsure]

Does anyone know about these issues.

We separated about 6 months ago. He left me holding the bag for our home ( joint mort.) One of our business ( joint ownership , corporation) and he runs the other business ( joint ownership, trucking)

We purchased a new truck in 2007 and paid it out in full. In the summer of 2008 he sold the truck for 100,000 and spent all the money in 3 months without my consent and pleading him not to spend the money because we needed it to live off of because our other business was not making anything.
We then had to purchase a new truck again with a monthly payment so that we could have the cashflow to keep up with our financial obligations

I heard that if you can prove reckless spending of family funds that it will go against the other party in division of assets.

The funds were put into his account and i have the bank statements to show where he spent it all.

He hasn't contributed to one thing for the home or the business i am working at and ive had to use all my credit as of now to keep up with everything. meanwhile i just heard through the grapevine that he has just purchased a new motorcycle???

[Deputy Daddy]

The way it generally works is you evaluate everything you have, both assets and debts, on the date of separation and split each down the middle. If you jointly owned a truck at the date of separation and he sold it then you'd be entitled to half of that value in your family property settlement. When I separated I printed off copies of all of our bank, credit card, rrsp, etc... etc... statements on a certain date and that was what we used.

DD

[dadtotheend]

On what did he spend the $100K?

[scaredunsure]

spent on

He purchased another chopper motorcycle, a trailer to haul his bikes, lent money to his family members bought tons of bike parts, ect...ect...all on just crap and not anything on household or bills. I can account for every penny

[Foredeck]

Those items should be considered as assets at the time of the separation.

It'll be very hard to go for the 100 000$, but you have the right for half of the bike, trailer and bike parts. There will be a depreciation to the value, but you should be able to calculate most of the money.

The money he lent to family member could be argued as evasion. If you can argue that he lent them money to deplete the assets in preparation for the divorce, you may get a bit more money.

[dadtotheend]

Get together a detailed listing of where the money went. Then use that list to ensure that he puts the assets he still has (bike, trailer, parts, family loans etc) on his financial disclosure.

How much of the remaining money is gone for good? If it's significant, you may indeed have an argument that he recklessly disposed of it, since the timing is suspicious. He spent the money, and indeed spun a bunch(?) of it to his relatives a year before separating.

As long as the $100K shows up in his assets (loans, vehicles, parts, reckless depletion, etc), it doesn't matter whether it is as cash, truck or whatever. It will still be considered in equalization of family property.