What You Need to Know About Financial Restraining Orders

 Posted on January 29, 2016 in Divorce

A lot can be at stake financially during a divorce.

If you are worried about your spouse taking any actions that could harm your property or your financial future, you can seek a financial restraining order.

What is a Financial Restraining Order?

A financial restraining order is a type of temporary restraining order that freezes much of the marital assets. A financial restraining order has nothing to do with domestic violence. Moreover, these orders are not automatically granted when you file for a divorce.

If you believe that your spouse is acting irresponsibly with the marital property with extravagant spending, or by damaging assets, you can petition the court to issue a restraining order. You can also petition the court for a restraining order to block the sale of a property or asset.

What Gets Frozen and For How Long?

A financial temporary restraining order freezes the marital assets, and it freezes assets for both sides. Just as your spouse will be blocked from selling any of the property off, you will also be blocked from selling any of the property without first retaining the permission of the court.

Often, a temporary restraining order will only last for as little as 30 days. However, the order can be extended as long as needed to protect the marital property, including lasting until the final order of the court divides the property.

The financial temporary restraining order as well will often forbid other actions. Both spouses are typically forbidden from closing any accounts, making changes to the beneficiaries of any accounts, or limiting the spouse's access to marital accounts.

However, not all financial activity is blocked by a financial restraining order. Both spouses are allowed to continue to make transactions that they would make in the ordinary course of business. A financial restraining order is not designed to keep you or your spouse from buying groceries, paying your bills, or paying your lawyers. Instead, the purpose is to make every effort to preserve the marital assets as much as possible so the court can fairly divide them as part of the divorce.

If you are considering a divorce, or your spouse has already filed for divorce, please speak with a knowledgeable DuPage County divorce lawyer today. You need to take action to preserve your rights. Call The Stogsdill Law Firm, P.C. at 630-462-9500.

Source:

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