Taking Back Your Financial Independence

By LaQueta Bartley, See the Triumph Guest Blogger

Financial abuse is a type of abuse that does not often come to mind when someone thinks of domestic violence. An abuser’s main purpose through financial abuse is to create an environment in which the victim has to be dependent on the abuser. This type of abuse prevents victims from acquiring, using, or maintaining financial resources.

How do you know if you’ve been abused financially? Some examples of financial abuse include, but are not limited to, preventing one’s partner from working; withholding money; controlling how money is spent; forcing victims to write bad checks or commit fraud; running up large amounts of debt on joint accounts; refusing to work; hiding assets; and withholding funds for the victim or children to obtain things they need to live.

If you’ve experienced financial abuse, below are some important things to consider that can help to gain back your financial independence in the process of leaving an abusive partner. While reading these tips, keep in mind that everyone may not need every tip that is listed. Everyone has their own journey and should consider the safest, most relevant steps to take in their own situation.

1. Save: Save as much money as you can. If your abuser controls all of the finances, consider if there are any safe, secret ways you can save, little by little.
2. Keep Documents Safe: Consider making copies of important financial documents you may need to help rebuild your life financially. Keep these somewhere safe and secure, such as at a friend’s house. Some important documents you may want to have include your driver’s license, birth certificates, financial account numbers, insurance information, and your tax returns.
3. Search for Resources: Seek out all potential sources of support, such as friends and family, governmental agencies, and community organizations, that could be of help in making this transition.
4. Be Proactive: Take measures to help keep your personal information safe. If possible, close any joint accounts, especially credit cards. Be sure to change any passwords for accounts with your personal financial information that your abuser may have access to.
5. Rebuild Your Credit: Review your credit report to see what your credit score is. If needed, speak with a trusted financial advisor to help take steps to rebuild your credit, such as by making consistent payments on your rent, loans, and debts.

Recovering from financial abuse can take a lot of time and energy. However, recovery is possible, and you can take steps to regain your financial independence. Take it a step at a time, and soon you’ll find yourself on the path toward building financial freedom.

Resources for more information:

• www.purplepurse.com
  
• www.nnedv.org
• www.womenslaw.org
• www.thehotline.org