Anderson & Boback Logo

Can I Transfer My Money to Another Bank Account?

Published
Categorized as Illinois Divorce

A divorce is usually a tumultuous time in a person’s life, and it can cause people to act based on their emotions. One trigger impulse we see often is the movement of funds from one account to another. Perhaps you are trying to protect money from being spent by the other party, trying to divide the money based on what you think is fair, or simply trying to hide money before you have to disclose it to a judge.

 

All three options are a bad idea. At the start of any divorce case, an automatic “stay” is placed on all financial accounts. In other words, you are not supposed to move any money around until a judge can classify the funds as either marital or non-marital, and allocate them accordingly. Furthermore, if you have moved money around prior to the filing of any divorce case, you will still need to disclose that to the judge and the judge will decide if the money is in fact yours (non-marital) or if its marital.

 

In most divorce cases, the parties go through a discovery process where they exchange financial information including bank statements. If there has been a lot of movement of funds, an attorney will likely want to see exact statements and may even subpoena your bank. The statements will clearly show when the money was withdrawn or transferred. As a result, it is hard to hide the movements of funds.

 

In all three scenarios, the money will be accounted for in some way or another, and the judge will include those funds as part of the division of assets. If, however, you are the party that finds out about the movement of funds, it is important that you file a motion in court to restrain your spouse from transferring any more funds around.

Was this information helpful?

You May Also Like

Maintenance, formerly known as alimony, is a relief granted to a party in a dissolution of marriage case that equitably restores to the party a standard of living to which they became acclimated during the marriage.  For spouses going through…

Visitation interference occurs when the custodial parent in some way interferes with your ability to spend parenting time with your child or visit with them.  In Illinois, a parent has a couple of options when the other parent interferes with…

We receive inquiries regularly from parents of children in Illinois regarding whether or not they can remove their child from the state of Illinois when they are estranged from their child’s other parent.  The answer varies, depending on different situations.…

People often are confused about the difference between a Civil Union and a Domestic Partnership, and what their rights are if their partner, to whom they are not married, leaves them or predeceases them.  This blog is designed to explain…

One of the most hot-button terms in parenting cases in Cook County is “alienation”, meaning that one parent is actively seeking to keep the child from having a relationship with their other parents. The current laws on parenting favor both…

In Illinois, there are two main ways to go about changing your minor child’s name: by agreement, and by Court adjudication of the issue.  As with all things related to co-parenting a minor child, the easiest and least costly method…

Anderson & Boback small logo

Download our Divorce Planning Guide today!

Get the information you need to prepare for divorce with our free resource Guide to Planning for Your Divorce.

What our clients are saying

Schedule a Discreet Consultation Today!

    Firm Overview
    ANDERSON & BOBACK

    Anderson & Boback is a highly-respected, experienced Chicago family law firm, skilled in negotiation and litigation. When divorce and other family law issues make your life chaotic and uncertain, you want your case resolved as quickly and fairly as possible. Call Now 312-715-0870