Money is a very sensitive issue before, during, and after divorce. When contemplating divorce, child custody and finances are typically at the top of the list of concerns for spouses.
In anticipation of an impending divorce action, a cautious spouse may be tempted to hide or move assets, empty joint bank accounts, or also cancel joint credit cards, all of which can be interpreted by a judge as "cutting" the other spouse off.
Once a divorce action is filed, all financial activities by the spouses are monitored by the courts and the respective attorneys, and assets closely scrutinized. The question is, "Are there rules that I have to follow once the divorce is filed?" Yes, absolutely.
Temporary Restraining Orders
Once you or your spouse file a divorce action, temporary restraining orders are issued. These restraining orders automatically go into effect once they divorce is filed and they prohibit both of you from doing specific things.
Here are some examples of what you and your spouse cannot do while the temporary restraining orders are in effect:
- Transfer property.
- Cancel or change beneficiaries on any insurance policies.
- Take the children out of state without the spouse's written permission, or without a court order.
In addition to the above, you will both have to notify each other before you make any unusual purchases, and you'll both have to be prepared to account to the judge about any such "unusual" purchases, even if it's simply a mini-vacation or a new refrigerator for the house.
Speak With a Los Angeles Divorce Lawyer
During the divorce process, it's vital that you understand what you can and cannot do with your assets before, during and after the divorce. Because, any type of financial misstep can lead to a host of negative consequences, for example, you could lose creditability with the judge and you could face legal problems.
Our best advice is to reach out to our firm for help as soon as possible. We can further explain your rights and responsibilities and we can ensure that your share of the marital assets are fully protected.
Contact a Los Angeles divorce attorney from Claery & Hammond, LLPtoday!