The Law Can Help Protect You From Financial Abuse
Financial abuse is another form of domestic abuse that often goes unnoticed, yet it can be equally as harmful as other forms of domestic abuse. It is important to have awareness about this so that help and support may be offered to those affected. Financial abuse occurs when someone controls or exploits another’s finances to restrict their freedom, independence, and self-worth. If you are a victim of financial abuse, you are not alone. In the UK, millions of people are suffering from financial abuse in a relationship at any given time. Here, we will help you understand what financial abuse is, recognise its signs, and seek help. If you have experienced financial abuse, know that there are laws in place to protect you, and Parfitt Cresswell will help you navigate that system.
What Is Financial Abuse?
Financial abuse can take various forms, including but not limited to controlling someone’s finances, exploiting their assets, withholding access to money, coercing financial decisions, or using financial means to manipulate or exert power over another individual. It is an unfortunate reality that can have devastating effects on the victims’ financial stability, independence, and overall well-being. By raising awareness about this issue, we can work towards preventing and addressing financial abuse. Some examples of financial abuse include:
- Controlling Your Finances: Your partner may refuse to let you work or limit your access to money, bank accounts, credit cards, and financial documents.
- Monitoring Your Spending: Your partner may track your purchases, criticise your expenses, or force you to account for every penny you spend.
- Stealing Your Money: Your partner may take your money or property without permission, forge your signature, or run up debts in your name.
- Sabotaging Your Financial Stability: Your partner may ruin your credit, take out loans in your name, or prevent you from getting a job or education.
- Exploiting Your Financial Vulnerability: Your partner forces you to sign contracts, mortgages, or loans that benefit them or use your financial dependence as leverage to control you.
What Are the Signs of Financial Abuse?
Financial abuse can be complex and insidious but is a form of domestic abuse. The abuse can be subtle and over time the abuser may limit their partners access to funds, and monitor their spending, which may lead to them being forced to rely financially on the perpetrator. This type of domestic abuse can have severe consequences on a victim’s well-being and independence, making it crucial to provide support for those who may be experiencing such challenges. Here are some warning signs that may indicate financial abuse:
- You have little or no access to your money, bank accounts, credit cards, or income.
- You are not allowed to work or study, or your partner interferes with your job or education.
- You are forced to ask your partner for money, justify your spending, or account for your financial decisions.
- Your partner steals money or property from you or runs up debts in your name.
- Your partner takes control of your finances without your consent, for example, by changing passwords, diverting mail, or setting up new accounts.
- Your partner threatens or coerces you into signing documents, mortgages, loans, or contracts you do not understand or agree with.
How Non-Molestation and Occupation Orders Can Help
If you’re a victim of financial abuse, the legal options available to you will depend on your relationship with the abuser and the circumstances of the abuse. As it is a form of domestic abuse involving intimidation and harassment, in certain circumstances it may be possible to obtain a non- molestation order that prohibits your abuser from using or threatening violence against you or your children, as well as from intimidating, harassing, or pestering you. If the order is granted, the perpetrator is prohibited from doing certain things including not to contact you directly or indirectly, enter your home or certain locations, damage your property, interfere with your utilities or services, or encourage others to engage in these behaviours. Breaking a non-molestation order can result in arrest and criminal charges.
You may also be entitled to apply for an occupation order which regulates who can live in your home, allowing you to evict the perpetrator.
It may also determine that the perpetrator only has access to certain parts of your home, may restrict your abuser from entering your home or specific locations, and can grant you access if you are locked out. Additionally, it can prevent the perpetrator from interfering with your utilities or services.
It is important to note that it is also possible to seek occupation orders against a perpetrator in these situations, in regards to payment of household expenses including mortgages which will alleviate any concerns as to the family home and debt. Many victims remain within a home suffering unacceptable abuse due to fear of financial repercussions and this goes someway to alleviate those concerns.
The Many Parfitt Cresswell Locations
If you find yourself in need of legal assistance and support specifically related to financial abuse, you can rely on the expertise of Parfitt Cresswell’s team. With our extensive experience in this area, we are known for helping individuals navigate the complexities of financial abuse cases. We have several locations, including:
Request Your Free Consultation Today
Don’t suffer financial abuse in silence. Seek help to protect yourself and your rights. Contact Parfitt Cresswell today to request a confidential consultation with one of our experienced solicitors. We take pride in delivering personalised support and ensuring your satisfaction. Rest assured, your needs are our priority. Together, we can put an end to financial abuse and help you move forward with your life. Contact us today to request a free consultation.