Introduction
Financial abuse is an insidious form of domestic violence that can have lasting effects on victims’ physical and mental wellbeing. It is defined as “the illegal or improper use of another person’s money, property, or assets”, and it can take many forms, including identity theft, withholding access to bank accounts, and controlling all aspects of finances. Financial abuse is often overlooked in discussions of domestic violence, but it can be just as damaging – if not more so – than other forms of abuse. This article will provide a step-by-step guide to leaving a financially abusive relationship, from identifying the signs to building financial knowledge to getting professional help.
Identify the Signs of Financial Abuse
The first step in leaving a financially abusive relationship is learning how to recognize the signs. According to the National Domestic Violence Hotline, some of the most common signs include:
- Unusual transactions or activity in bank accounts
- Withholding money or access to bank accounts
- Controlling all aspects of finances
These signs may not seem obvious at first, but they are serious red flags. If you suspect that you are being financially abused, it is important to take action immediately.
Create a Financial Safety Plan
Once you have identified the signs of financial abuse, the next step is creating a safety plan. This plan should include gathering important documents and records, such as bank statements, credit cards, and tax returns; opening a separate bank account; and creating a budget. It is also important to save any evidence of the abuse, such as emails or text messages, which can be used in court if necessary.
According to the National Network to End Domestic Violence, “A financial safety plan can help survivors gain control of their finances, build economic stability, and plan for their future.” This plan can make it easier to leave an abusive relationship, as it provides survivors with a sense of security and independence.
Build Your Financial Knowledge
Once you have created a financial safety plan, the next step is to build your financial knowledge. This means learning about credit and debt, researching different financial options, and rebuilding your credit. This can be a daunting task, especially for those who have been in financially abusive relationships for a long time, but it is essential for regaining financial independence.
Research shows that financial literacy has a significant impact on economic empowerment. According to a study by the Federal Reserve Bank of St. Louis, “women with higher levels of financial literacy are more likely to be employed, have higher incomes, and report lower levels of financial stress.” Building financial knowledge can be a difficult process, but it is essential for achieving financial freedom.
Find Support From Friends and Family
In addition to building financial knowledge, it is also important to seek out support from friends and family. This can be a difficult step, as it requires reaching out for help and asking for assistance with finances. However, it is an essential part of the process, as it can provide much-needed emotional support and practical assistance.
A survey conducted by the National Domestic Violence Hotline found that “more than half of survivors reported that it was helpful to receive emotional support from friends and family.” Reaching out for help can be intimidating, but it is a crucial step in the process of leaving a financially abusive relationship.
Seek Legal Assistance
It is also important to seek legal assistance when leaving a financially abusive relationship. This includes knowing your rights, contacting legal aid services, and obtaining a restraining order if necessary. The law can be a powerful tool for protecting victims of financial abuse, and it is important to understand your rights and options.
A study by the American Bar Association found that “legal interventions can help protect victims from further abuse, assist them in escaping dangerous situations, and secure the resources they need to rebuild their lives.” Knowing your rights and seeking legal assistance can give you the power to fight back against financial abuse.
Get Professional Help
Finally, it is important to get professional help when leaving a financially abusive relationship. This includes speaking with a therapist, considering joining a support group, and reaching out to financial advisors. These professionals can provide invaluable guidance and support, and they can help survivors develop strategies for regaining financial independence.
A study by the National Coalition Against Domestic Violence found that “professional help can empower survivors to make informed decisions about their finances and reclaim control over their economic security.” Seeking professional help can be a difficult step, but it is essential for achieving financial freedom.
Conclusion
Financial abuse is a serious form of domestic violence that can have lasting effects on victims’ physical and mental wellbeing. This article provided a step-by-step guide to leaving a financially abusive relationship, from identifying the signs to creating a safety plan to getting professional help. Remember, you are not alone – there are resources available to help you regain control of your finances and build a better future.
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