Domestic abuse victims need to have a financial
strategy (reprinted from the Palm Beach Post)
Palm Beach Post Staff Writer
One in four women will experience
domestic violence in her lifetime. Many of us probably know of someone who has
been in an abusive situation and needed to get out.
When it comes to whether these women
stay in the abusive relationship or leave, their financial situation is one of
the biggest factors.
“Financial instability is one of the
largest obstacles for a survivor seeking safety. Being able to survive
financially without the abuser can pose challenges,” said Leisa Wiseman,
spokeswoman for the Florida Coalition Against Domestic Violence in Tallahassee.
For those who decide to leave the
relationship, financial records should be secured, including credit card and
bill information, as well as personal records such as birth certificates.
In fact, no matter what your
situation, you should know where these documents are and understand them, from
mortgages to auto insurance policies.
Robin Roshkind, a West Palm Beach
divorce attorney, said essentially the same advice applies to anyone getting a
divorce.
“I always tell my clients to
photocopy their little hearts out, whatever they can grab in the marital home,
or if they work in their husband’s office, whatever would show income, expenses
or debt,” Roshkind said. “Put it in a carton and remove it from the premises.
Put it in your lawyer’s office or mother’s house.”
Roshkind sees more women than men
who are in the dark about their finances.
“If you are in good marriage or a
bad marriage, know what your family finances are,” Roshkind said.
As for domestic violence victims,
Wiseman said that before doing anything, victims should talk to an advocate by
calling a hotline or local domestic violence center. Each situation is
different and people need specific advice. Abuse victims who have already left
the situation need different advice than those who have not.
However, Wiseman said a victim who
has shared credit other accounts with an abuser should never block the abuser
from the accounts while still living with the person. Taking that action could
set off a violent reaction.
ATM, debit card and other account
passwords and pin codes should be changed, and all financial paperwork, such as
mortgages, leases, the children’s bonds or trust, bills and 401K statements
should be located and secured.
Don’t forget your birth certificate,
drivers license, passport, bank account and credit card information and
insurance policies. Children’s passports, birth certificates and other records
should also be taken with you.
While finances matter for those
experiencing domestic abuse, the threat of physical violence is, of course, the
most serious problem.
Tima Fender, founder, Association
for Abused Women and Children Inc. in West Palm Beach, said that many women
fleeing an abusive situation walk out without a plan, and often, no money.
“You have to make plans. Hide a
suitcase with clothes in it at a friend’s house,” Fender said. “Take your
photos, clothes and comfort toys for the children.”
Most people who die as a result of
domestic violence are killed when they are leaving or after they leave, Fender
said. Leave when the abuser is not at home.
The Insurance Information Institute
recommends giving important documents to a trusted family member or friend or
obtaining a bank safety deposit box.
The III also suggests setting up a
P.O. box to conceal important mail from the abuser to prevent identity theft or
damage to your credit. Remember that as long as there is an outstanding balance
on a joint account, both parties are responsible for payment.
“The financial cost of leaving an
abusive partner can be crushing,” said Loretta Worters, vice president of III.
“Once you decide to leave your partner, you may be solely responsible for
providing for yourself and your family and insurance can play a critical role
in gaining your financial freedom and self-sufficiency.”
In addition, the III offers the
following advice:
•Know your main source of income,
bank account balances, property owned and debts owed. A lapsed policy or unpaid
credit-card bill could create financial problems down the road.
•Build a financial safety net. Once
you have a good idea of your financial picture, you are in a better position to
plan your exit. Estimate your income and expenses to see if the money you earn
right now will allow you to meet your basic needs. Start saving and create an
emergency fund.
•Make necessary changes to your
insurance plans. Get a separate auto insurance policy. Make sure you are
removed from any joint auto policies as that may protect you from possible liability
if your former partner is involved in an accident and gets sued.
•Having a good credit report is
going to be essential when it comes to starting your new life, It can help you
more easily rent an apartment, get a new credit card and obtain better insurance
rates. Alert creditors if there is a change of address. Establish a new credit
record under your own name or consider turning existing joint credit cards, gas
cards and retail accounts into individual accounts.
Obtain a copy of your credit report
for free at www.annualcreditreport.com or 1-877-322-8228.
For more financial information for
domestic abuse survivors go to www.clicktoempower.org.
Florida’s Domestic Violence Hotline
is 1-800-500-1119.
http://www.palmbeachpost.com/news/business/domestic-abuse-victims-need-to-have-a-financial-st/nSqmW/
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