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Are my finances on lock-down during divorce?

During a marriage, anything spouses do not legally identify as separate or individual property, is considered marital property. In the event of divorce, all marital property is subject to division. For spouses, the entire process of divorce and property division places somewhat of a hold on their finances. Understanding what this means and the implications it may have can be confusing. Fortunately, this financial stay is only temporary and can be better explained by an attorney.

No matter how divorcing spouses feel about their property, it is all considered marital until a family court says otherwise. By generalizing the property shared during a marriage, both parties are protected from their spouse unlawfully disposing of property they may have right to.

During the process of divorce, couples are prohibited from transferring ownership or disposing of property until it is awarded to either spouse by the family court. This property may include vehicles, homes, personal belongings and bank accounts. Even though both spouses are allowed to spend marital funds on the costs of daily living during a divorce, they cannot acquire additional debt, spend unnecessarily or dispose of assets during this period.

Although spouses are typically allowed to keep all of their non-marital property after divorce, they may want to refrain from making any changes until it is said and done. In the event unforeseen expenses arise, an attorney can help take the steps necessary to have those expenses approved by the court.

Despite what some spouses may believe, out right ownership of marital assets cannot be assumed. Even with a marital settlement agreement in place, belongings are not completely divided until the family court judge approves it.

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Goddard & Malmquist

Goddard & Malmquist
1250 South Grove Avenue
Suite 101
Barrington, IL 60010

Phone: 847-382-3995
Fax: 847-382-4038
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