Divorce can be an emotionally, mentally, and financially grueling process, with long-long lasting consequences for both the spouses and any children that are involved. While the parties are negotiating a settlement, it is important to ensure that the two spouses preserve their existing assets. In cases where one spouse believes that the other spouse may try to hide or dissipate assets or is spending exorbitant amounts of money on non-essential items, a financial restraining order may be necessary to ensure marital funds are not recklessly spent or transferred. If you have these concerns about your spouse, consult with your divorce attorney to understand your options and decide whether pursuing a financial restraining order is appropriate at this time.
Most Important Aspects of Financial Restraining Orders
The process of seeking a financial restraining order begins by petitioning the court. Please also understand that these types of orders are not automatically granted. Essentially, a financial restraining order is a tool a court uses to prohibit either spouse from transferring or disposing of any assets during the divorce proceedings. In addition, it bars the parties from incurring any new debt unless it is for necessities, like groceries, paying bills, etc. The idea behind financial restraining orders is to protect the parties’ shared assets that might otherwise be used as leverage by either party or may disappear altogether by the dishonest actions of either spouse. With the finances “frozen,” it ensures that both spouses will have fair claims to all the marital assets while equitable distribution is being determined.
Illinois statutes specify that financial restraining orders can last as short as 30 days. This is referred to as a temporary restraining order. However, they can be elongated to ensure that marital assets are safeguarded. While the financial restraining order is in place, each party must seek the court’s approval to spend money on unnecessary items, sell any property, or unreasonably try to borrow money, among other things.
Additional Considerations Regarding Financial Restraining Orders
It is important for couples who are divorcing to keep in mind the financial ramifications of divorce. Depending on your situation, getting divorced may radically change your financial situation. Financial restraining orders exist to ensure that the financial futures of individuals getting divorced are not irreparably compromised due to a spouse making poor decisions with marital assets.
During your divorce proceedings, keep an eye on marital bank accounts for unusual activity. The earlier you catch any financial wrongdoing, the quicker you can reach a resolution toward stopping such actions.
Contact a Naperville, IL Divorce Attorney
Contact the skilled DuPage County divorce lawyers with Calabrese Associates, P.C. to ensure your marital assets are protected during your divorce. Call 630-393-3111 for a private consultation.
Source – https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000