Financial abuse is recognised as a type of domestic abuse and aims to create financial instability to make another person economically dependent. Financial abuse can take place between individuals who are not in a relationship, but this blog will explore this type of abuse in relation to married couples. Limiting or controlling a spouse’s access to money creates an imbalance of power and can make it difficult for the partner to leave their abuser.
Domestic abuse is a crime in England and Wales, and financial abuse itself can also include criminal offences such as theft, fraud and extortion.
Financial abuse can be present in different ways, but often involves controlling a partner’s ability to acquire, use or maintain their financial resources. It can also include controlling the ability to secure employment or creating a debt in their name. It can be subtle and difficult to recognise, and, as with most types of abuse, every case is different.
Everybody is entitled to have knowledge of and control over their own finances. Ensuring you know what assets and liabilities are held in your name can help to maintain some of that control.
In cases where parties are married, considering a divorce and resolving matrimonial finances by way of a clean-break order can help to cut any financial ties and prevent future financial dependence on an abuser. Part of the process to resolve matrimonial finances includes an exchange of full and frank disclosure of financial information which may assist to uncover the full extent of a spouse’s finances and understand your entitlement to matrimonial assets. The Court also has the power in extreme cases to consider financial abuse when dealing with matters of conduct or when determining a spouse’s financial needs, where it has a significant impact.
If you need to seek legal advice in relation to financial or domestic abuse or have concerns regarding your spouse’s management of matrimonial finances, please get in touch with us. Our experienced family law solicitors can guide you through the options and will aim to help you reach a solution.
