What Is a Financial Restraining Order in an Illinois Divorce?
Posted on January 24, 2020 in Divorce
Central to any divorce are concerns regarding finances. The property and assets owned by married spouses are considered throughout the divorce process. Both parties in a divorce want to protect their property and assets, and in some cases, a financial restraining order may be necessary. In some states, an automatic temporary restraining order (ATRO) will be included in every divorce. However, in Illinois, you need to request a temporary restraining order (TRO), and you may need to ask that it be extended during your divorce.
What Does a Financial Restraining Order Do?
A financial restraining order, also referred to as a temporary restraining order, is a way both parties in the divorce can protect their property. While it is particularly common in high-asset divorces, any spouse might want to consider pursuing one, especially if a person suspects their former partner will be irresponsible with their shared finances leading up to—and during—the divorce.
What Can a Financial Restraining Order Prevent?
There are many things that a financial restraining order can prevent. In particular, a TRO issued during divorce may prohibit:
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Account Closures or Changes—This will stop either spouse from seizing control of the couple’s bank accounts and the corresponding assets.
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Concealment of Assets or Property—One spouse might want to hide certain types of property or monetary funds to avoid being required to divide these assets. A TRO may prohibit this type of duplicitous behavior.
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Property Transfers or Sales—Your spouse may attempt to sell a car or a house and use the profits for their own benefit. A financial restraining order will stop any such sale and allow that property to be divided equitably in the divorce.
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Dissipation of Assets—Your spouse may threaten to spend, give away, or destroy marital assets, or you may already know that your spouse is irresponsible with money. The use of marital funds for only one spouse’s benefits is known as the dissipation of marital assets, and whether it is done intentionally or not, your spouse may be required to reimburse you for assets that were dissipated in this manner. A temporary restraining order can prevent dissipation from happening in the first place.
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Beneficiary Modifications—Changes to health insurance or life insurance policies or estate planning documents may be necessary during the divorce process, but they should be done using the proper procedures while negotiating a divorce settlement. A financial restraining order can make sure one party does not attempt to harm the other by making these types of changes solely at their own discretion.
Contact a DuPage County Financial Restraining Order Attorney
High-asset and complex divorces involve many considerations. In these cases, a financial restraining order might be necessary to protect yourself against financial harm. You will need an experienced Wheaton IL high-asset divorce lawyer to help you obtain this type of order and protect your rights during the process. Reach out to the Andrew Cores Family Law Group today at 630-871-1002 for a complimentary consultation.
Sources:
http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000
https://www.forbes.com/sites/jefflanders/2012/07/11/divorcing-women-heres-what-you-need-to-know-about-atros/#7b1d058927fb
https://www.forbes.com/sites/forbesfinancecouncil/2020/01/07/12-financial-factors-to-remember-when-settling-a-divorce/#3cdb8dbf5fee
