The Confusing Concept of Maintaining the Status Quo during a Chicago Divorce Case

The term “status quo” in the context of a divorce refers to preserving the existing financial conditions until the final settlement. This means continuing to pay bills, make mortgage payments, and handle joint financial responsibilities as you did before initiating the divorce. By maintaining the status quo, you can help ensure that the divorce proceedings remain fair and focused on equitable resolution rather than on financial manipulation or full-blown litigation for excessive spending, withdrawal or transfer of funds, secreting assets and the like.

Under Illinois law, parties in a divorce are generally expected to maintain the status quo regarding financial matters. This is to prevent one party from making drastic changes that could unfairly disadvantage the other, such as draining joint bank accounts, canceling insurance policies, or running up debts on shared credit cards. The courts look unfavorably upon actions that could disrupt the financial stability of the other spouse or the marital estate.  Furthermore, in Chicago, as in the rest of Illinois, both parties are required to complete and exchange comprehensive financial disclosures. These disclosures detail assets, liabilities, income, and expenses. They are a foundational element of the divorce process, ensuring transparency and enabling equitable division of property and determination of support obligations.

By keeping the financial status quo, neither party can gain an unfair advantage by depleting assets or accumulating debts that would alter the financial landscape. Also, when financial conditions remain stable, disclosures will reflect a true and accurate picture of the marital finances. This is crucial for fair negotiations and court decisions. Continuing to meet financial obligations prevents late payments and defaults, protecting both parties’ credit scores. This is essential for future financial independence and stability post-divorce. The court aims to divide marital property equitably. A disrupted financial status can complicate this process, potentially leading to unfavorable settlements for one party.

What can you do to maintain the status quo?

(1) Keep joint accounts open and continue using them as usual. Monitor these accounts to ensure neither party is misusing funds.

(2) Continue to pay all regular household expenses, such as mortgage/rent, utilities, and insurance premiums.

(3) Regularly communicate with your spouse about financial matters and document all transactions and payments. This can serve as evidence if disputes arise.

(4) Consult with a divorce attorney early in the process. They can provide specific guidance on maintaining the status quo and ensuring compliance with legal requirements.

Maintaining the financial status quo during a Chicago divorce is not just a legal requirement but a practical strategy to ensure fairness and stability. By adhering to this principle, both parties can navigate the divorce process more smoothly, ensuring that financial disclosures are accurate and that the final settlement is equitable. The road to divorce is undoubtedly challenging, but with careful attention to maintaining financial stability, the journey can be less tumultuous and more just. Reach out to the experienced Chicago divorce attorneys of Ward Family Law for an initial consultation to discuss your case; you can schedule directly with Jennifer Ward via email at jward@wardfamilylawchicago.com or via telephone at 312-803-5838.