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Naperville IL divorce lawyerWhen you get divorced, you will likely be concerned about your finances. Shifting from sharing financial resources with your spouse to supporting yourself on a single income can be a difficult adjustment, and the decisions made about how you and your spouse will divide your marital assets can also affect the resources that will be available to you. Unfortunately, these issues can become even more complicated and difficult if your spouse has spent, wasted, or destroyed your marital property or if you are worried that they plan to do so. However, with the help of a skilled attorney, you can protect against the dissipation of marital assets and make sure you will have the financial resources you need.

What Is Asset Dissipation?

If one spouse uses marital funds or property for their sole benefit and for purposes unrelated to their marriage during the period where the marriage is undergoing an irretrievable breakdown, this is considered asset dissipation. For example, a spouse could spend marital funds while pursuing an extramarital affair, such as by buying gifts for someone other than their spouse or going on trips with that person and paying for plane tickets, hotel rooms, and meals. Dissipation could also include spending money on gambling or to further a drug addiction, buying expensive items solely for one’s own benefit, or intentionally destroying property.

If one spouse has dissipated assets, the other spouse can make an asset dissipation claim during the process of dividing marital property, asking the court to address this issue by requiring the spouse to reimburse the marital estate for the dissipated assets or grant the other spouse a larger share of marital property. A dissipation claim must be made at least 60 days before a divorce trial begins or 30 days after the end of the discovery process. Dissipation must have occurred after the date that the couple’s marriage began undergoing an irretrievable breakdown, and a spouse cannot make a dissipation claim more than three years after they knew or should have known about the dissipation or for an incident more than five years before either party filed a petition for divorce.

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How to Lock Up Your Assets with a Financial Restraining OrderYou should be on guard against your spouse dissipating your marital assets during your divorce. Some people will transfer assets into hidden accounts or make reckless or selfish expenditures before their spouse gets a chance to divide the assets in the divorce. At one time, Illinois law would automatically freeze a couple’s marital assets at the start of the divorce, but the Illinois Supreme Court ruled that the law was unconstitutional because it was overly broad and lacking due process. Instead, you can protect your marital assets by requesting a temporary financial restraining order.

What Does the Order Do?

A temporary financial restraining order prevents both you and your spouse from spending, transferring, disposing of, or concealing your assets without permission from the court during your divorce. There is an exception for the assets that you use to pay for basic living expenses, such as food, housing, and utilities. Major purchases of non-essential items or amenities would require permission from the court. A temporary order will usually last for 10 days and can be extended after a full court hearing.

How Can You Receive an Order?

The court will issue a financial restraining order if you can prove all of the following:

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