Your relationship should be something built on long-term trust and commitment, as well as open communication. Unfortunately, some people wind up married to someone who didn’t show their true face until afterwards. Rather than a loving spouse, you are with someone who is manipulative and uses financial abuse to limit your freedom. Financial abuse is insidious and debilitating, as it directly impacts your financial independence. For victims, this type of abuse can leave lasting emotional and financial scars. As you move toward divorce, it is crucial to understand your rights and the steps you can take to protect your assets.
That is why we will be discussing some ways to protect your assets, as well as some resources to research to help you along.
Key Takeaways
- Financial abuse occurs when one spouse controls or limits the other’s access to money, often through restricting accounts, sabotaging employment, or hiding assets.
- Victims should gather financial documents, consult a family law attorney, request a financial restraining order, and freeze credit lines to prevent further abuse.
- Set aside small amounts of money with the help of a trusted friend or family member to have a financial cushion during the divorce.
- Contact the National Domestic Violence Hotline, find emergency housing at Domesticshelters.org, or apply for microloans through the Independence Project for financial support.
- Work with a family law attorney to uncover hidden assets and ensure fair division of property. Ziegler Law Group, LLC offers experienced legal help in financial abuse cases.
What is Financial Abuse?
Financial abuse is control that is exerted over a spouse by limiting their access to financial resources or the means to earn money. This form of abuse takes many shapes and can also be part of a larger web of domestic abuse. Here are some signs to look out for:
- Controlling all finances: Preventing the other spouse from accessing joint bank accounts or credit cards.
- Sabotaging employment: Restricting the victim’s ability to work by interfering with their job, or preventing them from working altogether.
- Limiting access to money: Giving the victim an “allowance” and closely monitoring their spending.
- Running up debt: Opening credit cards or taking out loans in the victim’s name without their consent.
- Hiding assets: Concealing money or property to prevent the victim from accessing it or knowing the full extent of marital assets.
How to Protect Your Assets in Divorce
If you have been financially abused, then there is a chance that you do not have many assets in your own name or even expendable income. However, there are steps that you can take to protect yourself and your assets while divorcing your abuser. Let’s take a look:
Gather Financial Documents
Even if you’ve been excluded from managing the family’s finances, try to gather as much documentation as possible. This includes bank statements, tax returns, mortgage documents, and credit card statements. These records can help your attorney trace assets and understand the full scope of your financial situation.
Consult a Family Law Attorney
Working with an experienced divorce attorney who understands financial abuse is crucial. Your attorney can help you navigate the legal process and ensure that your rights are protected. They will work to uncover any hidden assets, protect you from debts you didn’t consent to, and advocate for a fair division of marital property.
Have Someone Save Money For You
In the event you do receive expendable income or a budget, consider furtively handing some of the cash to a trusted friend or family member. Hiding small amounts of cash in preparation for your departure will ensure you at least have some cushion for what is to come.
Request a Financial Restraining Order
To prevent further financial abuse, you can request a restraining order that freezes joint accounts, stops your spouse from incurring additional debt in your name, and prevents them from selling or transferring assets. These legal protections are designed to stop financial sabotage while the divorce is in progress.
Freeze Your Credit Lines
If you can, consider freezing your open credit lines for the time being. Any account that is in your name can be frozen, even if you didn’t originally make them. This may help you cut your abuser off from the power they have over you and give you a chance to gather some money for yourself.
Domestic Abuse Resources to Know
Aside from seeking the assistance of a legal representative, such as the lawyers at Ziegler Law Group, LLC in Livingston, New Jersey, there are several resources available to you. If you are presently experiencing financial abuse (or any kind of abuse), call the National Domestic Violence Hotline at 800-799-7233. You can also text “START” to 88788.
Do you need temporary housing? Domesticshelters.org will show you housing available in your area or close by.
For those in need of emergency funds, consider applying to the Independence Project, which provides microloans to those recovering from financial abuse. The National Network to End Domestic Violence (NNEDV) operates the Independence Project.
Contact a Family Law Attorney in NJ Today for Help
If you’ve experienced financial abuse during your marriage, it’s crucial to take action to protect your rights and assets in divorce. At Ziegler Law Group, LLC, we have experience handling complex divorce cases involving financial abuse. Our team is dedicated to helping victims of abuse secure a fair outcome and rebuild their financial independence.
Contact us today at 973-533-1100 or fill out our online contact form to schedule a confidential consultation with one of our experienced family law attorneys. We’ll guide you through every step of the process, helping you achieve a just resolution to your divorce.
