Abuse in a relationship is mostly associated with physical, emotional or psychological harm inflicted upon one partner by the other. Financial abuse is another form of abuse that often goes unrecognized but can be just as damaging, depending on an individual’s circumstances. You may be wondering whether you’re a victim of financial abuse. It certainly isn’t always an obvious form of mistreatment.
Since financial abuse does not leave visible scars, it is often overlooked or dismissed, yet its impact can be profound and long-lasting, undermining a victim’s financial stability, independence and overall well-being. It manifests in various ways and can involve the following.
Sabotaging efforts at financial independence
Financially abusive partners often try to undermine the victim’s efforts to become financially independent. They achieve this by controlling access to financial resources, such as limiting the victim’s ability to work, obtain education or job training or even sabotaging job opportunities. Without financial independence, victims may feel trapped in the relationship, unable to leave due to a lack of resources or fear of further economic harm. This can perpetuate a cycle of dependence, making it difficult for the victim to escape the abusive situation and rebuild their life autonomously.
Limited or no access to financial accounts
Another red flag of financial abuse is limited or no access to financial accounts. Abusive partners may control all financial accounts, including bank accounts, credit cards and investments, denying the victim access to funds or information about their own finances. They may also monitor and scrutinize the victim’s spending, demanding an account for every penny spent and restricting their ability to make financial decisions independently.
Missing finances or valuables
Missing finances or valuables can be a significant red flag of financial abuse. Victims may notice unexplained withdrawals or expenditures from joint accounts, unauthorized use of credit cards or loans in their name or missing cash or valuables without any reasonable explanation. Abusive partners may use these tactics to exert control over the victim’s finances, leaving them financially vulnerable and unable to meet their basic needs or obligations.
Financial abuse can result in debilitating effects on an individual’s financial security, and victims of financial abuse often require comprehensive legal guidance and support. At The Law Firm of Poppe & Associates, PLLC, our focus is relentless advocacy for our clients. If you or someone you know is seeking legal guidance, reach out to schedule a consultation at 646-665-3903 or by contacting us online.
Let Me Be Your Brave
Mia Poppe, Esq.
Managing Partner