Divorce inevitably changes the financial circumstances of a family. The resources and income that previously supported a single shared residence must now maintain two separate residences. Spouses must prepare to share their property with one another as they negotiate terms for asset distribution. Additionally, they must cover the cost of the divorce itself.
In some cases, spouses may hope to liquidate marital property to cover divorce expenses or basic day-to-day costs. However, selling marital property before the end of a divorce can be a challenge. In fact, spouses may be subject to a court order that effectively prevents them from selling marital property.
Temporary restraining orders are common
To many people, the term “restraining order” calls to mind domestic violence and court orders limiting contact between a perpetrator and a victim. In Ohio, people do have the option of seeking protection orders when fleeing abuse or facing behavior that the courts recognize as stalking.
Domestic violence allegations aren’t necessary for the courts to issue a temporary restraining order in the early stages of a divorce. Temporary restraining orders limit certain financial activities or parenting choices before the end of a divorce.
In scenarios where one spouse worries about the dissipation of marital property, they can ask the courts to limit the financial activity of the other spouse in relation to their shared marital assets. Temporary restraining orders may prevent people from withdrawing funds from shared investment or savings accounts. They can freeze lines of credit and prevent the sale of shared marital assets.
When emotions run high, people can make destructive and inappropriate decisions. Temporary restraining orders help preserve marital resources to ensure a fair final property division settlement. Those facing temporary hardship or in agreement with their spouses about the need to liquidate assets can potentially petition the courts to lift a temporary restraining order to conduct a transaction before the completion of the divorce.
Those concerned about financial misconduct during a divorce may want to request temporary restraining orders. Those who may need to conduct major transactions before the end of their divorce proceedings may need to work out an arrangement with their spouse or discuss their financial concerns with a family law attorney. At the end of the day, learning more about the rules that govern property division matters is critical for spouses during divorce.
