What To Do When You Are Experiencing Financial Abuse In Marriage

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Financial abuse in marriage is a form of domestic violence where one partner controls the other's access to financial resources, restricts partner's ability to earn or spend money, or exploits partner's financial resources for personal aggrandizements. This type of abuse can leave the victim feeling trapped, helpless, and uncertain about his/ her financial future. If you are experiencing financial abuse in your marriage, there are steps you can take to protect yourself and regain control over your finances.

To start, it is essential to become financially educated. Understanding your financial situation, including your incomes, expenses, assets, and debts, is crucial in addressing financial abuse. Take control of your financial literacy by reading books, attending seminars and workshops, or seeking online resources. Knowing your financial situation will empower you to make informed decision and take control of your finances. You should consider consulting a financial consultant or planner who has experience working with survivors of financial abuse. Financial experts can provide you with expert advices and guidance on managing your finances, creating a budget, and planning for your future.

If you suspect that your partner is using your credit to accumulate debt or is controlling your access to credit, it is essential to pull and freeze your credit reports. This will prevent your partner from opening new credit accounts or accessing your existing credit. You can request for a free credit report from each of the three major credit reporting agencies and place a freeze on your reports. This step can help protect your financial identity and prevent further encroachment on your finances.

Having a safe exit plan in place is also crucial. This plan should include a safe place to stay, a secure way to receive mails and phone calls, a hidden stash of emergency funds, and a support network of friends, family, or a support group. It is also essential to have a plan for funding employment or accessing financial resources. A safe exit plan will help you feel more in control and prepared for the future. 

Seeking legal advice is also vital. A lawyer can provide you with a legal guidance on protecting your financial rights and interests. The lawyer can help you understand your rights and options for leaving the marriage (only when necessary), protect your assets and financial resources, obtain a restraining order or other protections, and navigate the divorce process. Again, it is strongly advised that option for divorce should come as a last resort. 

Experiencing financial abuse can be emotionally draining and traumatic. Therefore, it is essential to prioritize self-care and take care of your physical, emotional, and mental well-being. This may include seeking therapy and counseling, practising stress-reducing techniques, engaging in activities that bring joy and fulfillment, and connecting with supportive friends and family. Do not underestimate the importance of seeking emotional support from a trusted friend or family member, a support group for survivors of financial abuse, or a therapist or counselor.

Finally, remember that you do not have to face financial abuse alone. Look for available resources for help, including government agencies and support groups. By taking control of your finances, seeking support, and prioritizing self-care, you can regain control of your life and build a brighter financial future. 

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