DIVORCE AND FINANCES: WHEN TO GET A RESTRAINING ORDER

A restraining order for your finances? It may sound crazy, but in some cases an Automatic Temporary Restraining Order (ATRO) may be in order.

An ATRO is a court order that provides individuals protection when going through a divorce. An ATRO is a relatively new form of protection analogous to the more common restraining order. However, instead of physically protecting a person from the harm of another it protects their assets from a future ex’s indiscretions.

What an ATRO Does

An ATRO can protect either individual in a divorce from the other spouse negatively impacting the assets accumulated during the marriage. These protections extend against to prohibit:

• Destroying or hiding assets
• Selling, concealing, transferring or borrowing against commonly held property
• Adjusting or removing beneficiaries listed on health or life insurance policies
• Adjusting retirement assets
• Changing bank accounts

This court order can provide needed financial protection, especially in contentious divorce cases.

In addition to protecting assets during the divorce, an ATRO can also save money. If an ATRO is not in place and an angry ex-spouse attempts to hide, transfer or wither away the financial assets tied to the marriage, attorneys and financial experts may be needed to review the financial history. This can become very costly, very quickly. As a result, is important to make sure an ATRO is included in a divorce petition to help better protect your assets.

Every situation is unique. If you or a loved one is considering a divorce it is important to discuss your situation with an experienced family law attorney to better ensure your assets are protected.

Tags: asset protection, ATRO, divorce