Financial abuse in marriages is a heartbreaking yet all too common problem. It can take many forms, from controlling access to money and bank accounts, exploiting a spouse’s financial resources for personal gain, and manipulating a spouse’s financial decisions. It can devastate the marriage and the individual’s financial health and well-being.
Therefore, knowing the warning signs of financial abuse in marriages is essential and how to access help and support if needed. This article will provide an overview of warning signs and resources for those facing financial abuse in their marriage.
What is financial abuse in marriages?
Financial abuse in marriages is using money and financial resources to control a spouse, without their consent, for personal gain. Financial abuse can be emotionally devastating for the individual and result in significant financial loss. Financial abuse often occurs when one partner has much more money than the other or when one person controls the couple’s finances. Financial abuse may be seen as a red flag if one spouse constantly has to ask permission to access joint funds or if one spouse feels they have to justify any financial decisions.
Financial abuse can result in feelings of powerlessness, shame, and self-doubt, which can contribute to anxiety and depression. Financial abuse may also lead to isolation and a lack of support. Financial abuse is not only morally wrong, but it is also illegal in most states.
Warning signs of financial abuse in marriages:
- You are constantly in debt. If your spouse is constantly in the red, but you always make payments on time, it could be a sign of financial abuse. It is also possible that your spouse is making fraudulent purchases or is abusing credit cards. – You are not allowed to have a bank account. Some spouses will put their partner’s name on their bank account, claiming that it is for convenience, but it is a way to control their partner’s finances and make it harder for them to access money.
- You are hiding money. If your spouse is hiding money from you, it could signify they have something to hide. This could include the money they have taken from you or stolen from others.
- You have no control over your finances. If your spouse controls your finances, it could signify financial abuse. This could include withholding money, hiding money, or controlling who you can talk to and where you can go.
- You are afraid to bring up financial issues. It could signify financial abuse if you are hesitant to bring up financial concerns with your spouse.
- You feel shame or guilt about your finances. If you feel ashamed or guilty about your finances or constantly feel that you have to justify your financial decisions, it could be a sign of financial abuse.
The consequences of financial abuse in marriages.
- Financial abuse in marriages can lead to significant financial loss and debt. According to the National Financial Abuse Awareness Council, one in five women loses $50,000 or more to financial abuse. While financial abuse affects both women and men, women are more likely than men to experience financial abuse. -Financial abuse can lead to serious debt and can be challenging to resolve.
- Financial abuse in marriages can lead to losing power and control. Financial abuse in relationships can harm the victim’s self-esteem and mental health.
- Financial abuse in marriages can lead to feelings of isolation and a lack of support.
- Financial abuse in marriages could have long-term consequences that extend past the relationship.
- Financial abuse in marriages can lead to significant legal and financial repercussions. Some states have laws that protect victims of financial abuse and make financial abuse a crime. How to get help if you are a victim of financial abuse
You can get help if you are a victim of financial abuse by first getting educated about your finances. This cannot be easy if your spouse controls your finances, but there are ways to get around this. You can ask a trusted friend, family member, or financial advisor for help. You can also reach out to a domestic violence hotline to get assistance. If you are in a safe environment, you can call the National Domestic Violence Hotline for help at 800-799-SAFE (7233). You can also get help from a financial counselor or attorney. If you are not in a safe environment, you should contact the police. Financial abuse is a crime, and you have the right to report it. You can get help from many organizations, such as Love Is Respect, National Network to End Domestic Violence or EndFinancialAbuse.org. You can also get help from your financial planner or attorney.
The National Network to End Domestic Violence offers a free and confidential Financial Exploitation Assessment tool. This tool is designed to guide how to proceed if you have concerns about financial abuse in your relationship. It can also help you determine if you or your partner should have control over finances.
- Love Is Respect also offers a Financial Abuse Assessment that can help determine if financial abuse is occurring in your relationship.
- Financial abuse in marriages can significantly impact finances, so it is essential to seek professional advice. You can find a financial planner or attorney who specializes in financial abuse for help.
- Abuse ends with financial abuse. This organization offers financial education to help prevent financial abuse in your relationship. The legal implications of financial abuse in marriages. Financial abuse in marriages can have severe legal and financial implications. If you or your spouse is facing criminal charges or your victim’s services are involved, it is essential to have a dedicated attorney who can guide you through the process. You can find an attorney specializing in this type of case here. If you are currently married, you can still get help. You can find an attorney who specializes in divorce at EndFinancialAbuse.org. How to rebuild financial security after financial abuse.