How Can a Financial Restraining Order Protect Assets in an Illinois Divorce?

 Posted on August 18,2024 in Property Division

When people hear the word "restraining order," they often associate it with situations involving domestic violence or harassment. However, other types of restraining orders can be issued under Illinois law, including a financial restraining order. If you and your spouse are getting divorced and have significant assets or anticipate that any negotiations over the division of marital assets will be contentious, a financial restraining order can ensure your right to those assets is protected. A Kane County divorce lawyer can assist you with this process.

Why Would You Need a Financial Restraining Order?

The state of Illinois uses the equitable distribution standard when it comes to dividing up assets and property in a divorce. The goal is to divide these items fairly. However, in many cases, fairness is not necessarily a 50/50 split. Factors the court may consider include how long the couple has been married, what the financial contributions of each spouse were, and what each spouse’s future financial earnings outlook is.

When a divorcing couple is dealing with a lot of stress and anger, there is often a knee-jerk reaction by one spouse when it comes to the couple’s assets. The spouse may feel they are more entitled to the assets than the other spouse is, or they may want to "punish" the spouse for filing for divorce. They may block the other spouse’s access to bank accounts, withdraw large sums of money from accounts, or transfer properties to other individuals – all as a way to keep the other spouse from receiving their fair share.

What Can a Financial Restraining Order Stop Your Spouse from Doing?

When a couple files for divorce in Illinois, the court does not automatically freeze their accounts. The spouses’ attorneys will advise their clients that all financial assets must stay the same as when the couple was together. If one spouse ignores these instructions, the other can petition the court to issue a financial restraining order, essentially freezing the couple’s assets.

Neither spouse will be able to:

• Sell, transfer, or otherwise dispose of any assets without obtaining the court’s approval.

• Make any significant investments, take out loans, or any other substantial decisions without the approval of the other spouse or the court’s approval.

• Cancel any health, life, auto, or other existing insurance policies that could create gaps for the other spouse.

If a spouse violates a financial restraining order, they are essentially in contempt of court. They face serious sanctions from the court, including the return of the assets, fines, and orders to pay the other spouse’s legal fees. In some cases, they may even face jail time.

Contact a Kane County, IL Divorce Lawyer for Legal Assistance

If you have decided to end your marriage, make sure you have a skilled St. Charles, IL high conflict divorce attorney advocating for you and ensuring your financial future is protected. Call Shaw Sanders, P.C. at 630-584-5550 to schedule a free and confidential consultation.