It is NOT uncommon for one spouse to solely control marital assets. This happens when one spouse puts bank accounts, retirement accounts, and investment accounts solely in his/her name. Also, house deeds and car titles. Despite the name on the property, these assets belong to BOTH spouses. They must be protected. There cannot be a fair distribution of marital assets if the marital assets are gone.
During a divorce, the spouse in control of assets may want assets to “disappear” so the other spouse doesn’t get a fair asset distribution. This is done by selling, transferring, spending, and/or hiding these assets before or during the divorce process.
How do you stop your spouse from doing this? Go to court and get a temporary restraining order and injunction. A temporary restraining order and/or injunction is a court order regulating someone’s conduct. Essentially, the court tells someone “Do this” or “Don’t do this.” In divorce cases, restraining orders and injunctions are commonly issued to protect assets. (They are also common to regulate parental conduct to protect the children of a divorce or to protect one spouse). The following are common financial-related injunctions:
- Prohibiting the selling of assets
- Prohibiting the transferring of assets (from the spouse to a third party)
- Prohibiting the wasting of assets
- Prohibiting the spending of funds, other than for the necessary living expenses
- Prohibiting the dissipating of assets
- Prohibiting the encumbering (borrowing against) of assets
- Requiring the payment of insurance premiums, e.g., life, health, automobile, disability, or homeowners, insurance
- Requiring the payment of a mortgage, and real estate taxes
Divorce laws are designed to protect assets and the rights of BOTH parties. With a temporary restraining order, the financially controlling spouse will no longer be in control. That spouse will no longer use that control to his/her advantage. And the marital assets will be safe.
The Botti Law Firm, P.C. has been practicing family law in Chicagoland for 50 years. Please contact us at (630)573-8585 to schedule a free consultation with one of our attorneys.
