National Domestic Violence Month

October is National Domestic Violence month, and this is a topic that we take very seriously because we know financial abuse is type of domestic abuse that affects many women. Domestic violence is often uncomfortable to talk about, but it’s necessary that we bring more awareness to the issue.

You may not have personally experienced domestic violence, but the odds are that you know someone who has. Domestic violence doesn't always leave a physical mark that is visible to others. Financial or economic abuse is a form of domestic abuse where one partner asserts control over the other using money.

According to the National Coalition Against Domestic Violence, between 94% and 99% of domestic violence survivors have also experienced economic abuse.

The financial impacts of domestic violence aren’t just limited to direct economic abuse. There are related issues that cause financial hardships. Sometimes the victim is unable to work due to physical or emotional injuries. Also, between 21% and 60% of victims of intimate partner violence lose their jobs because of issues related to the abuse, and victims of intimate partner violence will lose a total of 8 million days of paid work each year.

The warning signs of financial or economic abuse may include:

• Preventing a partner from getting a job or forcing them to leave a job
• Sabotaging their employment by showing up unannounced at their job. Stalking behaviors cause many victims to be asked to leave their jobs.
• Taking out debt in the victim's name without their knowledge or consent
• Coercing a victim to incur debt that they do not wish to be responsible for
• Denying access to money, bank accounts, or credit cards
• Scrutinizing a partner’s spending and potentially punishing the victim with physical, emotional or sexual violence
• Refusing to pay court-ordered spousal support or child support

A hallmark of domestic violence is isolation. An abuser wants the victim to feel like they are all alone and may even tell the victim that they can't get out and that no one will help them.

If you are the victim of financial or economic abuse, consider taking these steps to work toward getting out of the relationship:

• Gather as much financial information as you can, including the accounts that are open, whose name is on them, and copies of account statements
• Run a credit report on yourself to find all the debts that have your name associated with them
• Work on coming up with a budget for all of your living expenses so you know how much money you need to make to support yourself and your children
• Find a friend or family member you can trust so you have a safe place to keep copies of house keys, car keys, financial documents, and other important personal items

Domestic abuse in any form is awful and it can seem impossible to break free. Don't be ashamed, because you are not alone. Many women have broken free from an abusive partner and found financial freedom and security after divorce. The Divorce Money Guide is one tool that can help you figure out your finances and uncover money your husband has hidden for you. We’re here to support you as you plan the financial part of your new life.

Need help today?
Call the Domestic Violence Hotline at 800-799-7233 for support and resources 24/7. You can also Text START to 88788. You can also create a personalized safety plan here.