How Do I Know Whether I Need a Financial Restraining Order?

 Posted on September 24, 2024 in Finances and Divorce

Divorce can be especially challenging when you are concerned about your financial future and suspect your spouse may be hiding or dissipating assets. In the state of Illinois, a temporary financial restraining order can be a vital tool in protecting your assets if you are in this situation. Since obtaining a temporary financial restraining order requires careful navigation of the legal system, having a Wheaton, IL, dissipation of assets lawyer from Andrew Cores Family Law Group can be extremely beneficial.

How Do You Know if Your Spouse is Hiding or Dissipating Assets?

If you feel uneasy about your marital finances, you should pay attention. An unexplained, sudden shift in your spouse's financial behavior is one of the first indicators that he or she may be dissipating or hiding assets. Your feeling is probably spot on if you see substantial cash withdrawals or money transfers.

If your spouse starts making expensive purchases while claiming financial difficulties, you should also take notice. Other ways you may know your spouse is not being honest about your marital finances include:

• The existence of offshore accounts or international investments

• Evasiveness or uncooperative behavior when providing financial information

• Excessively complex financial records that may be obscuring the truth

• Assets transferred to friends or family

• Suddenly taking a lower-paying job

• Delaying or declining work bonuses or delaying a promotion

• Spending large amounts of cash on non-essential items

• Hiding assets in a business by overstating business expenses, undervaluing the company, or transferring marital assets to the business

Should You Consider a Temporary Financial Restraining Order?

The term "restraining order" usually conjures up images of orders of protection linked to harassment or abuse. However, a temporary financial restraining order is about financial security and is an important tool if you are concerned your spouse is dissipating or hiding assets. It is a court order that maintains the financial status quo during a divorce, preventing your spouse from making significant changes to your marital assets.

Whether you see your spouse selling property, making large purchases, or emptying bank accounts, securing a temporary financial restraining order could be what you need to stop that behavior. This legal step can intervene in any financial misconduct that could prevent the equitable distribution of your marital assets.

How Can You Get a Temporary Financial Restraining Order?

There are several things you must prove in order to obtain a temporary financial restraining order. The criteria include:

• Without the financial restraining order, there is the potential for irreparable harm to you or your children.

• It is clear that you have the right to financial protection.

• There are no other legal remedies available to you.

• On balance, your spouse will not be caused undue harm, while the temporary financial restraining order addresses your hardship.

Once the financial restraining order is granted, strict rules will govern the management of assets subject to marital asset division. A temporary financial restraining order usually lasts for 10 days, during which a hearing will be scheduled to determine whether an extension is necessary. The length of the extension depends on the court’s judgment. The spouse who is subject to the restraining order can ask the court to remove it, but if and until that happens, they are subject to the terms of the order.

Contact a DuPage County, IL Dissipation of Assets Lawyer

It is important that all marital assets be properly and fairly divided during your divorce. The financial settlement you receive now could dictate your financial future. Some spouses simply want the divorce to be over, so they walk away from what is rightfully theirs. You do not have to resort to this.

A Wheaton, IL dissipation of assets attorney from Andrew Cores Family Law Group will ensure you receive your fair share of the marital assets. Attorney Andy Cores is currently a Fellow at the Collaborative Law Institute of Illinois; while he excels in mediation and collaborative law divorces, he will not hesitate to fight for his clients. Contact Andrew Cores Family Law Group at 630-871-1002 to schedule your free consultation.