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Should I freeze assets during a divorce?

On Behalf of | Jul 18, 2023 | Divorce, Property Division

Divorce is tricky, and the process can be extra daunting if you end the marriage on a bad note. And in cases like this, it can be difficult to trust your spouse while the divorce is ongoing. You have to protect your rights, including rights over your share of the properties. One way to do so is by freezing assets and keeping your spouse’s hands off them.

Check if your spouse has this tendency

Sometimes one of the parties to a divorce goes to great lengths to get ahead of the other party or to simply spite them. They can do this by selling off stocks, liquidating assets or blowing through savings. If you have even the slightest suspicion that your soon-to-be ex-spouse has the tendency to blow through or hide your marital assets during the divorce, you must promptly freeze your assets to protect your rights.

How exactly do you lock off assets?

Upon filing the divorce petition, either party can actively request the court to issue a temporary restraining order (TRO) to freeze assets while the proceedings are ongoing. Upon its issuance, the TRO bars either party from accessing, using, selling, hiding and wasting assets.

Usually, the court freezes the parties’ accounts if there is evidence of an attempt to waste or hide assets. But it is also possible for the court to freeze assets even without evidence of wrongdoing if it sees fit to ensure there are no changes in assets and administer proper division.

Take control of the situation

Whether or not your spouse has a tendency to mismanage your marital assets, it is essential to stay on top of the divorce and protect your rights from the start. Keeping a detailed list of all the properties and accounting transactions can help you establish your case if it turns out your spouse has been wasting or hiding assets.

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