The divorce process can be stressful and difficult, and it can affect you both emotionally and financially. As you take steps to separate from your spouse, you may become concerned about how your money or property will be handled. While you may be able to resolve minor financial disagreements with your spouse during the divorce process, there are some situations where you may need to address significant financial concerns such as the concealment or destruction of marital assets. In these cases, it may be necessary to seek a financial restraining order. By understanding the role that these types of restraining orders may play during your divorce, you can make sure your financial interests will be protected.

What Is a Financial Restraining Order?

During the divorce process, a court order may be issued that will prevent either party from making significant changes to their assets, which may include bank accounts, retirement benefits, investments, or valuable physical property. After the divorce process begins, a temporary restraining order or preliminary injunction may be put in place that will prohibit both spouses from selling, transferring, or concealing money or property or taking any other steps that could affect the marital estate. A spouse who is a business owner will be allowed to engage in transactions that are part of the ordinary course of business, and spouses can also use marital assets to address daily necessities, such as paying bills and buying groceries. If any extraordinary transactions or expenditures need to be made during the divorce process, a spouse will be required to receive approval from the court.

When Is a Financial Restraining Order Necessary?

A temporary restraining order may be needed to preserve the financial status quo and ensure that each spouse has access to marital funds. This not only makes sure each spouse will be able to meet their ongoing needs, but it can ensure that marital property is preserved so that it can be divided fairly and equitably during the divorce process. If there is a risk that your spouse will attempt to hide, dissipate, or otherwise dispose of assets to avoid sharing them with you or to cause you to suffer financial harm, you may need to consider requesting a financial restraining order.

If you are a business owner who is contemplating divorce, you may be wondering how the end of your marriage will affect your ability to continue owning and operating your business and generating income. This is a valid concern, and you may be worried that your divorce may affect both your personal life and your career, leading to disputes over the ownership of your business, as well as potential financial difficulties. By understanding how the divorce laws in Illinois may affect your business, the methods that may be used to establish the value of business assets, and your options for handling ownership of the business going forward, you can make sure you will be prepared to protect your interests during the divorce process.

Property Division and Business Assets

During your divorce, your marital property, which may include business assets, will be divided between you and your spouse. If the business is considered a marital asset, it will be subject to property division. As you determine how ownership of your business will be addressed during your divorce, you will need to consider the following:

• Was the business established or acquired during the marriage? If so, it will be considered marital property.

  ...

Parents often disagree about how child custody matters should be handled. For example, one parent may wish to have virtually all of the parental responsibilities and parenting time, while the other parent believes that custody should be split 50/50. Parents may also disagree about where their child should go to school, the types of extracurricular activities or religious practices the child should be involved in, or countless other issues.

When divorcing parents disagree regarding child-related legal issues, the court may require the parents to attend mediation. If you are a parent who is planning to divorce, make sure you understand Illinois laws regarding mandatory mediation.

When Does the Court Require Mediation?

Typically, mediation is ordered by the court if the parents disagree about the provisions of the parenting plan. Mediation allows the parents to discuss the issue and work toward a solution without the court’s involvement. Illinois courts typically want to avoid child custody cases becoming highly litigious because this is not typically in a child's best interest. So, the first step is going to mediation.

For most people, their home is the single most valuable asset they own. Whether it is a house, condominium, townhouse, or another type of property, it is likely that the bulk of your net worth is tied up in real estate. This is one reason that determining what to do with the house during a divorce is so important - and often so difficult.

There are seemingly countless legal, financial, and personal factors to consider when deciding what to do with the marital home during divorce. Selling the home may allow a couple to pay off joint debt and begin their post-divorce lives with a fresh start financially. However, this may also require uprooting children, moving to a new neighborhood, or living apart from family and friends.

If you plan to end your marriage and are struggling with this decision, consider reaching out to a divorce attorney experienced in property division matters for help.

A divorce is a stressful process, and it is even more difficult if one spouse is hiding assets or lying about their finances. Divorcing spouses are required to provide an accurate account of their income and assets during a divorce. This information is used to determine child support, divide property and debts, and more. However, some spouses lie about money or hide assets during divorce.

It can be difficult to tell whether your spouse is being truthful during the divorce process, but there are a few signs that could indicate financial dishonesty. Knowing these signs can help you protect your rights and make sure you get the outcome you deserve.

Missing Documents or Bank Statements

If you have begun proceedings for a divorce in Illinois, it is important to keep an eye out for any missing documents or bank statements. If documents go missing or if your spouse stops providing you with financial information, this could be a sign that they are trying to hide something from you. Check with tax records and financial institutions to make sure all documents are accounted for.