Your Financial Safety Plan

Disclaimer: This guide provides general information and is not a substitute for advice from a qualified legal or financial professional. Your safety is paramount. If you are in immediate danger, call 911. For confidential support, contact the National Domestic Violence Hotline.

What is a Financial Safety Plan?

A financial safety plan is a set of actions you can take to increase your financial security and independence, both while you are in an abusive relationship and as you prepare to leave. It is a crucial part of a comprehensive safety plan and can help you protect yourself and your children from financial abuse and instability.

Safety Planning While in the Relationship

If you are not yet ready or able to leave, there are still steps you can take to increase your financial safety:

• Gather Important Documents: If it is safe to do so, make copies of important financial and personal documents. This includes your Social Security card, birth certificate, driver's license, passports, bank account information, pay stubs, and tax returns. Keep these copies in a safe place outside of your home.
• Know Your Financial Situation: Try to gain as much knowledge as you can about your family's finances. This includes income, assets, debts, and expenses.
• Build Your Own Credit: If you don't have a credit history, try to build one. You can do this by opening a credit card in your own name, taking out a small loan, or becoming an authorized user on the account of a trusted friend or family member.
• Start a Secret Savings Account: As outlined in our "Building Your Secret Escape Fund" guide, having your own savings is a critical step toward independence.

Safety Planning for Leaving

When you are preparing to leave, there are several financial steps you should take:

• Open a P.O. Box: A post office box can provide you with a safe address to receive mail.
• Open New Bank Accounts: Open new checking and savings accounts in your name only at a different bank than the one you use with your partner.
• Change Your Passwords: Change the passwords on all of your online accounts, including banking, email, and social media. Use strong, unique passwords that the abuser cannot guess.
• Take a Portion of Joint Funds: If you have a joint bank account, you may want to withdraw a portion of the funds to help you get started. It is advisable to consult with a legal professional before doing so.

Protecting Your Identity and Credit

After you have left, it is crucial to protect your identity and credit from further abuse:

• Check Your Credit Reports: You are entitled to a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. Review your reports for any fraudulent accounts or debts.
• Place a Fraud Alert or Credit Freeze on Your Reports: A fraud alert requires creditors to take extra steps to verify your identity before opening a new account. A credit freeze prevents anyone from accessing your credit report without your permission.
• Dispute Fraudulent Debts: If you find any fraudulent accounts or debts on your credit reports, you have the right to dispute them.

Legal Protections

Protection Orders

In some states, a protection order can include provisions for temporary financial support, such as ordering the abuser to pay child support, spousal support, or rent/mortgage payments.

Child Support

If you have children, you can file for child support to help with the costs of raising them.

Creating Your Financial Safety Plan

Creating a financial safety plan is a courageous and empowering step. It is a way to reclaim control over your life and build a foundation for a safer, more secure future. Remember to be patient with yourself and to seek support from trusted friends, family, and professionals along the way.