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What Is a Financial Restraining Order in an Illinois Divorce?

Wheaton divorce attorney for temporary restraining ordersCentral 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:

  • Account Closures or Changes—This will stop either spouse from seizing control of the couple’s bank accounts and the corresponding assets.

  • 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.

  • 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.

  • 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.

  • 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

What Is a Financial Restraining Order in an Illinois Divorce?

DuPage County divorce lawyer for asset protectionArguments over finances can be one of the major causes of a divorce. One spouse might be a saver, and the other spouse might be a spender. Over the course of a marriage, this can lead to a great deal of conflict and ultimately ruin the relationship. If you think your spouse is acting irresponsibly through excessive spending or damaging marital assets, you can ask the court to issue a financial restraining order. This type of restraining order temporarily freezes some of the marital assets to ensure that they will not be wasted.

What Can a Financial Restraining Order Stop?

A financial restraining order freezes the marital assets for both sides. For example, if your spouse is barred from selling off any marital property, you will also be prohibited from selling off any of the property, unless you receive permission from the court. A typical order lasts 10-30 days, but it can be extended as long as necessary in order to protect the marital property, such as until the court issues a final order to divide the property.

A financial restraining order can often forbid other activities, such as:

  • Closing any accounts.

  • Changing the beneficiaries on any accounts.

  • Limiting a spouse’s access to marital accounts.

It is important to note that not every type of financial activity can be stopped by a financial restraining order. Both spouses are permitted to make transactions they would typically make as part of everyday living, such as paying bills, buying necessities such as food and toiletries, paying tuition, etc. The purpose of the order is to protect the marital assets so they can be fairly divided as part of the divorce settlement.

How Do I Obtain a Financial Restraining Order?

To obtain a temporary restraining order against your spouse or ex-spouse, you must prove several things, including:

  • There is a clear right that needs protection.

  • Absence of the order would bring harm to you or your children.

  • There is no other adequate legal means that can help you.

  • You are facing hardship, and your spouse or ex-spouse will not be harmed as a result of the restraining order.

A temporary restraining order can only be issued for 10 days. After 10 days, the court will hold a hearing to determine if a longer restraining order is necessary. Your spouse or ex-spouse should receive notice of this motion, which should be detailed so the judge can properly rule.

A person has the right, upon two days notice, to seek a new hearing on the motion and ask that the injunction/restraining order be removed.

Contact a DuPage County Divorce Attorney

The issue of finances can cause a lot of stress and worry during a divorce. If you believe your spouse is acting inappropriately with your marital assets, you can take legal action. A skilled Wheaton, IL financial restraining order lawyer can guide you through the process of obtaining a financial restraining order. The Andrew Cores Family Law Group has experience in safeguarding marital property for clients who are going through a divorce. To schedule a free consultation, call 630-871-1002 today.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075000050K501