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You May Want a Financial Restraining Order During Your Illinois Divorce if Your Spouse Does One of These Three Things 

Posted on in Divorce

oak brook divorce lawyerFinancial differences and disagreements are among the most common reasons couples cite for relationship breakdown. The inability to manage financial resources can lead to difficult and complex issues, such as debt or burdensome shopping habits, that can ultimately make a divorce inevitable. Perhaps surprisingly, higher-income couples with significant net worth are actually more likely to disagree about finances in ways that lead to divorce. If you are considering a divorce in Illinois and are worried that your spouse may take irresponsible financial actions, a financial restraining order may benefit you. 

What is a Financial Restraining Order? 

A financial restraining order is a temporary court order that freezes a couple’s marital assets until they can be divided equitably as part of the divorce process. A financial restraining order can keep a spouse from hiding, spending, transferring, or otherwise disposing of any money, assets, or property they do not need for daily necessities. Spouses who seek a restraining order must prove the following in court: 

  • There is a clear need for a financial restraining order (such as evidence of behaviors of concern)

  • There is no other legal way to protect the marital assets

  • The spouse seeking the order and/or couple’s children could be negatively affected without a financial restraining order

  • The spouse under the restraining order would not be harmed by it

Spouses who are the target of a financial restraining order may still go to the grocery store and get school supplies for the children, but they could be prohibited from closing a bank account, changing beneficiaries of policies or assets, going on a spending spree, or entering a casino. While financial restraining orders are not foolproof methods of protecting marital assets, they establish a record of concern for problematic behaviors and allow a spouse to be held in contempt of court for violating the order. 

When is a Financial Restraining Order Helpful During Divorce? 

Certain reckless financial behaviors make getting a financial restraining order a helpful possibility during a divorce. These include, but are not limited to, the following: 

  • Gambling 

  • Reckless Spending 

  • Substance abuse 

Spouses who engage in these behaviors can put a family’s entire savings at risk, including by taking out debt without a way to pay it back. A financial restraining order can protect a couple’s marital assets until they can be divided equitably in a divorce. 

Call an Experienced Oak Brook, IL Financial Restraining Order Lawyer

A spouse who cannot wisely manage money poses a serious threat to the financial wellbeing of the entire family. If you are getting divorced from a spouse and worry that they may incur further financial damages, consider getting help from a skilled DuPage County financial restraining order attorney at Botti Marinaccio, LTD.. We can help you pursue measures to protect your financial interests throughout your divorce and help set you up for long-term financial success. Call us today at 630-575-8585 to schedule a confidential consultation. 

 

Source: 

https://www.ilga.gov/legislation/ilcs/documents/075000050k501.htm

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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