After a couple is married, combining finances, managing budgets, and running a household for many years is a very challenging endeavor and it will likely come as no surprise to most people that financial disagreements are one of the most common reasons couples in Illinois get divorced.
During the divorce process, marital assets must be divided and distributed. As with marriage, finances during divorce can be a very contentious subject. This can be especially true when one spouse is a spendthrift, has substance abuse problems, wantonly gambles, or otherwise wastes a couple’s assets. In cases like these, a temporary financial restraining order (TRO) may be necessary.
What Is a Temporary Financial Restraining Order?
Some states have automatic financial restraining orders that kick in once someone files for divorce. But in Illinois, a spouse must apply for a TRO. A TRO allows spouses to ensure the other spouse does not waste marital property during the divorce process. Many high-net-worth couples use TROs, but anyone can get one if they are filing for divorce and are worried their spouse will be reckless with finances.
What Does a Temporary Financial Restraining Order Do?
A TRO has the authority to retrain many areas of a couple’s finances. These include, but are not limited to, the following behaviors:
- Transferring or selling property - If a spouse tries to sell a marital asset in an effort to keep the cash, this can leave the other spouse in a lurch. With a TRO, even if a car is only owned by one spouse, if it was purchased during the marriage it is considered marital property and cannot be sold.
- Closing accounts - Divorcing spouses will sometimes try to drain their accounts and hide the money in other places to keep their partner from getting any of it.
- Hiding assets - Spouses hiding assets is a common way of trying to manipulate the final asset division process. A TRO can prevent activity in many different kinds of accounts so spouses cannot move assets to hide them.
- Dissipating assets - Giving away or ruining assets, or profligately spending money in order to deprive the other spouse of shared income, are all behaviors that could be considered dissipation. So too could spending money on a new partner or other purposes that are not related to the marriage once the relationship has begun an irretrievable breakdown.
Speak with a DuPage County Divorce Attorney
Whether it is a large investment account or a small savings account, protecting your finances during divorce is very important. At Andrew Cores Family Law Group, our experienced Wheaton, IL financial restraining order attorneys can help you ensure your spouse does not waste your hard-earned money. Schedule a complimentary consultation by calling our offices at 630-871-1002 today.