What Does It Mean to Freeze Assets During an Illinois Divorce?

 Posted on June 05, 2025 in Division of Assets

For most people, approaching the asset division element of an Illinois divorce can be the most nerve-wracking part of the process. Often, couples disagree on how property should be categorized – marital or separate – and then further disputes arise when deciding how to divide assets and liabilities. If you are concerned that your spouse may endanger your shared property by hiding, abusing, or wasting it, you need to know more about freezing assets. An experienced DuPage County asset division attorney will walk you through the process and help you protect your right to a fair divorce settlement.

Does Illinois Have an Automatic Financial Stay for Divorce Cases?

In some states, filing for divorce initiates an automatic financial stay, freezing assets and preventing both spouses from hiding, removing, or wasting them. However, that is not the case in Illinois. If you believe marital assets need protection during divorce proceedings, you need to request a financial restraining order to freeze them. The court will then conduct an assessment of the spouse’s actions or threats of action to determine whether the restraining order is necessary. 

Any indication that your spouse intends to harm you financially, such as draining your bank account out of spite or damaging valuable property, could warrant a restraining order. However, your spouse will have the right to challenge your allegations against them. To ensure you get the protection you need, your lawyer can help you present a strong argument backed up by evidence.

What Does a Financial Restraining Order Do?

If granted, a financial restraining order could require any of the following measures:

• Neither spouse can sell, transfer, or dispose of marital assets without court approval.

• Joint bank accounts are safe from any attempt to empty them or take out any substantial amounts.

• Neither spouse can make major financial decisions, such as taking out a loan or making a significant investment, without court approval.

• No one can remove the other party’s name from co-owned assets, such as real estate properties, bank accounts, and credit cards.

• Neither spouse can change the beneficiaries on policies that require them, such as life insurance.

• No one would be able to cancel insurance policies of any kind.

The penalties for violating the order can be steep, including orders to pay fines and legal fees. Typically, the violating spouse has to return the asset that was taken as well. In rare cases, the spouse who violates the financial restraining order could even face jail time.

Contact a Naperville, IL Divorce Attorney Today

If you have concerns about the asset division component of the Illinois divorce process, a legal representative can help. The DuPage County, IL divorce lawyer at Calabrese Associates, P.C. is a former chair of the DuPage County Bar Association Family Law Committee and gives lectures on family law-related matters. Call 630-393-3111 to schedule your initial consultation and ask a knowledgeable attorney all the questions you have about your case.