3 Things to Know About Financial Restraining Orders in Divorce

 Posted on June 18, 2024 in Divorce

When people hear “restraining order,” they usually think of domestic abuse. These restraining orders, called Orders of Protection, are issued against abusive spouses. In some divorce cases, however, a court will issue a financial restraining order. As the name suggests, the purpose of this order is to protect against certain types of financial abuse.

In some divorces — particularly those involving high-value assets — one spouse might try to hide, spend, or destroy assets before it is divided between the parties. If you have reason to believe your spouse will do this, ask your Illinois divorce attorney to petition the court for a financial restraining order.

Here are three things to know about financial restraining orders in an Illinois divorce.

It Will Freeze Assets for Everyone

When a court issues a financial restraining order, the marital assets will be frozen until they are divided fairly. However, they will not just be frozen for your spouse, but also for you. Neither of you will be allowed to do anything with the marital property once the restraining order is issued. This does not mean all your money will be frozen, though; you will still be allowed to access funds for day-to-day living. 

It Can Protect Your Children’s Future

You and your spouse might be feuding, and your spouse may be looking to hurt you by hiding or spending money before it is divided between you. You may not care, or you might decide it is a battle that is not worth picking. However, it is important to keep your children’s interests in mind. Your spouse might not consider or care whether he or she is affecting your children’s financial security, but you should. If you are unsure whether to ask for a financial restraining order, remember that your children deserve a secure economic future.

You Need Compelling Reasons for a Financial Restraining Order

Financial restraining orders are not simple to obtain. You will need to convince a judge that:

• There is a clear need for protection.

• There is no other way to protect the assets in question.

• You and/or your children may suffer irreparable harm if the financial restraining order is not issued.

• The restraining order would not cause undue hardship to your spouse.

Contact a Cook County, IL Divorce Lawyer

A financial restraining order is a great way to preserve your assets if there is a real need to do so. However, if it is not really necessary, it can hold up the divorce process, costing you more time and money. It will also not help your case if the judge feels you are just being vindictive. If you think your spouse might hide, waste, or spend marital money, contact your Chicago, IL divorce attorney right away.

At The Law Offices of Curtis Bennett Ross, L.L.C., we are serious about protecting your interests and we know how to obtain a financial restraining order when it is necessary. You will also benefit from top-tier legal services and guidance throughout what can be a rocky divorce process. Call 312-984-1514 for a free limited consultation today.