Protecting Your Assets During Divorce with a Financial Restraining Order

 Posted on January 13,2021 in Division of Assets

You have worked hard for the assets you own, so it is understandable that you would want to protect those assets from being misused or wasted. Protecting property during divorce is something that many spouses do not think about until it is too late. Although remedies are available for spouses who have suffered financial harm due to the other spouse’s financial recklessness during divorce, preventing wasteful spending is a better strategy than mitigating it after the fact. One way to protect funds and other property during divorce is to get a financial restraining order.

Stop Wasteful Spending or Intentional Destruction of Property

As most divorced people can tell you, the process of ending a marriage can sometimes bring out the worst side of people. If you are getting divorced, you may have concerns about your spouse’s financial decisions. You may be worried that he or she will carelessly spend money, sell property to finance an addiction, or otherwise make ill-informed financial decisions. You may even worry that your spouse will destroy your property or intentionally waste money to “get back at you.” A financial restraining order can help prevent this from happening.

A Temporary Financial Restraining Order Can Protect Your Assets

When most people hear “restraining order” they assume that the order is intended to prevent domestic violence or stalking. However, a financial restraining order has nothing to do with physical abuse. A temporary financial restraining order is used to prevent spouses from reckless spending or wasting marital assets during divorce. When spouses are subject to a temporary restraining order, they are prohibited from transferring, hiding, borrowing against assets, or otherwise disposing of property outside of typical financial transactions needed for everyday life. A financial restraining order will not prevent spouses from buying groceries or paying their bills, but it can prevent them from making large, unusual purchases, selling marital assets, or making other atypical financial decisions.

To obtain a financial restraining order in Illinois, you must show that:

• There is a discernible right that needs to be protected

• Irreversible harm would be caused to you or your children without the financial restraining order

• There is no alternative way of protecting the right in question

• The financial restraining order will not harm your spouse

Contact a DuPage County Divorce Lawyer

A financial restraining order can prevent your spouse from hiding property, wasting assets, or making extravagant purchases before your assets are equitably divided during your divorce. If you want to learn more about how to protect your property during divorce, contact Pesce Law Group, P.C. Schedule a consultation with a Naperville divorce lawyer by calling us at 630-352-2240 today.

Source:

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