How Can a Financial Restraining Order Protect Me During My Divorce?

 Posted on August 26, 2020 in Divorce

When most people hear the term “restraining order,” they assume that the order prevents physical abuse or stalking. However, this is not the only type of restraining order that may be necessary in an Illinois divorce. A temporary financial restraining order is one that protects a divorcing spouse’s financial assets from being misused, wasted, or hidden by the other spouse. In some states, an automatic financial restraining order is issued when spouses begin the divorce process. However, if you plan to divorce in Illinois, you will need to petition the court in order to gain protection through a financial restraining order.

Prohibiting Spouses From Certain Financial Activity During Divorce

Financial restraining orders are commonly utilized in high asset divorce cases, but spouses of any income level can benefit from this type of protection. A temporary financial restraining order may be used to prevent divorcing spouses from:

• Closing bank accounts

• Transferring funds into hidden accounts

• Selling expensive assets such as real estate, motor vehicles, or jewelry

• Purposely destroying property

• Giving away money or property to friends or family members

• Recklessly spending money on unnecessary purchases

• Changing the beneficiaries on life insurance and health insurance policies

When Is it a Good Idea to Request a Financial Restraining Order?

Unfortunately, divorce can sometimes make people act in vengeful, manipulative, and malicious ways. You may want to request a financial restraining order during divorce if your spouse has a history of or is currently:

• Using money to manipulate or control you

• Hiding assets from you

• Lying about his or her income

• Using a business to conceal funds

• Attempting to remove you from bank accounts without your knowledge

• Intentionally destroying marital property

• Spending money on an affair partner, substance abuse problem, or addiction

• Opening new bank accounts without your knowledge

• Giving away or “loaning” money or property

• Secretly making changes to estate planning documents

• Undervaluing assets or underreporting business revenue

It is important to note that a financial restraining order prevents both spouses from certain financial transactions. If you are granted a financial restraining order, you will be subject to the same rules and limitations as your spouse. However, you and your spouse will still be able to make reasonable and necessary financial transactions, such as paying utility bills or buying groceries.

Contact a Wheaton Divorce Attorney

At The Andrew Cores Family Law Group, we understand that divorce can have substantial, long-lasting financial implications. We are committed to protecting divorcing spouses’ rights and financial interests. Schedule a free, confidential consultation with one of our skilled DuPage County divorce lawyers to learn more by calling 630-871-1002 today.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000