When the difficult decision to file for divorce is made, one of the most immediate concerns is financial stability. The emotional toll of divorce is significant, but the financial implications can be just as profound. I’ve seen firsthand how crucial it is to safeguard your financial interests from the very beginning of the divorce process. One of the most effective ways to do this is by filing for standard orders at the time of filing for divorce.
What Are Standard Orders?
Standard orders, sometimes referred to as “automatic temporary restraining orders” or “ATROs,” are court orders that automatically go into effect when a divorce petition is filed and served. These orders are designed to maintain the financial status quo during the divorce process, preventing either party from making significant changes that could impact the financial outcome of the divorce.
Key Protections Provided by Standard Orders
1. Preservation of Assets: Standard orders typically prohibit both parties from selling, transferring, or disposing of any assets, whether jointly or individually owned. This prevents one spouse from liquidating assets or hiding money in an attempt to gain an advantage in the divorce settlement.
2. Maintenance of Insurance Policies: These orders often require both parties to maintain existing insurance coverage, including health, auto, and life insurance. This ensures that both spouses and their children remain protected during the divorce process.
3. Restriction on New Debt: Standard orders usually restrict either party from incurring new debt that could burden the other spouse. This includes taking out loans, increasing credit card balances, or making large purchases on credit.
4. Protection of Joint Accounts: To prevent one spouse from emptying joint bank accounts or investment accounts, standard orders may freeze joint accounts or limit withdrawals to amounts necessary for everyday living expenses.
5. Preservation of Business Interests: If either spouse owns a business, standard orders can protect business assets and ensure that the business continues to operate without interruption or mismanagement.
Jurisdictional Differences: What You Need to Know
While standard orders offer crucial financial protections, it’s important to understand that the specifics can vary significantly depending on the jurisdiction. Different states or even counties may have their own versions of standard orders, with varying levels of protection and enforcement. In some jurisdictions, these orders are automatically issued when a divorce petition is filed, while in others, they must be specifically requested by one of the parties.
Given these variations, it’s crucial to consult with a local attorney who is familiar with the specific laws and procedures in your area.
Why File for Standard Orders Early?
Filing for divorce and requesting standard orders simultaneously can provide immediate financial protection. Without these orders in place, one spouse might take unilateral actions that could negatively impact the other’s financial future. By securing standard orders, you’re taking a proactive step to ensure that both parties play by the rules while the divorce is being resolved.
As a CDFA’s with over two decades of experience in financial services, our role is to provide a clear and comprehensive analysis of your financial situation during the divorce process. We focus on helping clients understand the long-term financial implications of their decisions, ensuring that settlements are equitable and sustainable.
By working closely with your attorney, we can offer insights into how different financial strategies may impact your future. Our experience allows me to guide you through complex financial decisions, from asset division to retirement planning, and ensure that you are fully informed every step of the way.
Divorce is never easy, but taking the right legal and financial steps at the beginning of the process can make a significant difference in the outcome. Filing for standard orders at the time of divorce provides critical protections that help preserve your financial stability during a time of uncertainty. However, because the specifics of these orders can vary by jurisdiction, it’s essential to work with a professional who understands the local laws and can guide you through both the legal and financial aspects of the process. Your future self will thank you.
Take Action Today
Divorce is a challenging time, but you don’t have to navigate it alone. At Orlando Divorce Planning, we specialize in helping individuals like you understand and utilize financial strategies to achieve the best possible outcomes. If you think you might qualify for Innocent Spouse Relief or need expert advice on managing your finances through divorce, reach out to us today. Our team of Certified Divorce Financial Analysts are here to guide you every step of the way.
Contact Orlando Divorce Planning now to schedule your consultation and take control of your financial future.
