The financial restraining order is something you’ll need to thoroughly discuss with your lawyers as soon as your divorce begins in Portland Oregon, and this week we’ll discuss this order in a 2-part blog series.
Basically, a financial restraining order happens after a spouse files for divorce. It stops both of you from being able to change your financial status quo except for expenses related to day-to-day living.
Be aware that both parties must adhere to this restraining order unless they file a motion with the court.
Here is a quick summary of the financial restraining order:
- Neither party can cancel, modify, terminate, allow to lapse, or change beneficiaries of policies for health, homeowner, renter, or automobile insurance that covers the other party or a minor child belonging to either party.
- Neither party can cancel, modify, terminate, allow to lapse, or change beneficiaries of a life insurance policy that names one of the parties, or a minor child belonging to one of the parties, as a beneficiary.
- Neither party can transfer, encumber, conceal, or dispose of property unless it’s during the usual course of business or it’s necessary for one of the parties’ or their minor child’s life.
- Both parties are allowed to pay for attorney fees for the divorce, real estate and income taxes, mental health therapy for the parties involved or their minor child, and necessary expenses for the welfare and safety of their child.
- Neither party can make an extraordinary expenditure unless they provide a written notice and accounting of the expenditure to the other party. Parties can make a big purchase for the safety and welfare of the parties involved or their minor child.
In part two, our lawyer will look at the consequences for violating the financial restraining order if you’re going through a divorce in Portland Oregon.
To contact Ronald Johnston and learn more about financial restraining orders, click here.