What is financial abuse?
Domestic violence is “a pattern of behaviors used by one partner to maintain power and control over the other partner in an intimate relationship,” according to the National Domestic Violence Hotline. These behaviors include economic or financial abuse and control.
The importance of financial independence
No one wants to enter a relationship expecting the worst – and no one expects the worst to happen to them. However, 10 million Americans are affected by domestic violence annually, with one in four women and one in nine men experiencing domestic violence. “Survivors often don’t realize that what they are experiencing is domestic violence,” according to Glenn. “They just know that the situation has become intolerable.”
Financial preparation for leaving an abusive relationship
If you are preparing to leave an abusive relationship, or helping someone else to prepare, safety should come first. The most dangerous time for a victim of violence is when they are planning and preparing to leave, according to Glenn. Only the person involved in the relationship can assess the risks of leaving and create a safety plan.
Assessing your situation
Take stock of your resources including your income, cash, savings, investments, and assets such as a car or home. For shared assets like a joint car or contracts signed by both partners, you may want to review your state laws and talk to a victim advocate to understand your rights. Then, add non-financial resources and support, such as help from a friend or a local domestic violence shelter. Finally, list your expenses and obligations, like debts, bills, and a joint mortgage or lease agreement.
Setting up independent accounts
It is essential for anyone in a partnership to have their own money for emergencies – regardless of whether the relationship is abusive or not, according to Byrne. You may already have an independent account, or you can open a new account.
Finding ways to earn more money
Include steps to create additional income, seek a new job, or protect your current job in your safety plan. Here are some ideas to get you started, and as always, make your safety your top priority.
Protecting and building credit
Try to obtain your credit reports and review all accounts, use a prepaid credit card, or pay off the remaining balance on credit cards.
Modifying insurance policies
If you have health insurance through the abusive partner’s job, check for alternative coverage through your own employer, switch health insurance, or apply for Medicaid. Make a list of the insurance policies you share with your partner, such as car insurance or apartment rental insurance.
Where to find help
You don’t have to do this alone. Reach out to national domestic violence organizations: call the National Domestic Violence Hotline at 800-799-SAFE (7233) if you are in crisis and need immediate support. WomensLaw.org provides legal information and resources for victims, an email service, and a state-by-state directory of victim advocates and resources. Use the search tool on DomesticShelters.org to find a shelter near you. Online searches can also help you find local domestic violence organizations and resources.
Source: https://www.thebalancemoney.com/financially-preparing-to-leave-abusive-relationship-5188753
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