Financial abuse in a marriage is a type of domestic abuse where one of the spouses dominates, limits, takes advantage, or sabotages the access of the other spouse to money, assets or financial autonomy. Financial abuse is not an obvious and painful experience like physical abuse; unlike that, it is not always evident, slow and hard to detect, yet its effects can be just as harmful.
It may take place in any kind of a marriage, irrespective of gender, level of income or culture and it is often employed as an instrument to sustain power and domination in the relationship.
How Does Financial Abuse Present Itself in a Marriage?
Financial abuse can constitute one or more of the following actions:
Management of Revenue and Cost
Making decisive control of house money.
Coercing one of the spouses into giving up their salary.
Providing concessions and limiting expenditures.
Checking up on all costs too much.
Limiting Economic Self-Sufficiency
There is no preventing a spouse to work or earn.
Crippling a career, or forcing out.
Denying entry to bank accounts or cards.
Exploiting Money or Assets
Borrowing loans or credit cards on the name of the spouse.
Coercing a spouse into the signing of financial documents.
Sale of joint property without permission.
Personal use of the savings of the spouse.
Debt and Financial Manipulation
Making debt with the aim of entrap the spouse.
Denying funds to meet the basic needs.
Intimidation of making choices with the threat of financial ruin.
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Indications of the Possibility of Financial Abuse
You could be economically abused when you:
Can’t have any bearings on your own cash.
Is not made aware of finances in the house.
Chastised or criticised at expenditure.
Are under compelled to explain basic costs.
Feel financially entrapped and addicted.
The abuse of finances is clearly heightened in the periods of pregnancy, unemployment, illness or separation talks.
Investigating the Harm of Financial Abuse
Financial abuse:
Creates total dependency
Stops the victims to walk out of abusive marriages.
Causes permanent debts and economic instability.
Impairs personal well-being and self-esteem.
Affects child and family security.
A good number of victims have no option but to remain in abusive marriages as they have no financial freedom.
Does the Law Recognise Financial Abuse?
Financial abuse is being increasingly accepted in most legal systems as:
A form of domestic violence
One of the criteria of divorce, custody and alimony.
Justification of protective order or legal action.
Financial abuse may be used as a factor in courts when deciding:
Spousal support
Asset division
Child custody
Compensation or damages
What to Do About the Face of Financial Abuse?
Document Everything
Retain a documentation on bank accounts, debt, messages and agreements.
Get copies of valuable papers.
Guarantee Your Financial Identity
Get another bank account open in case possible.
Monitor credit reports
Do not make obligatory signatures.
Seek Legal Advice Early
Legal guidance can help you:
Understand your rights
Protect assets
Plan a safe exit strategy
Act and do not increase risk.
Financial Abuse and Divorce
Financial abuse can affect in the process of divorce:
Property division
Alimony or maintenance
Custody arrangements
Court injunctions against financial rights.
Legal intervention at early stages will avert additional financial damage.
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Conclusion
Marital financial abuse is a fact, a big issue, and a secret. It deprives people of their independence, dignity and security. It is important to notice the indicators at an early stage and consult a professional, including marriage lawyers, financial and emotional assistance.
When money is being used to manipulate, silence or even trap you in a marriage it is not typical and it is not right.
