Protecting your finances

What is economic and financial abuse?

Economic and financial abuse involves someone controlling your ability to get, use or keep your money or economic resources.

Someone may be stopping you from accessing your bank accounts, making you give them your account details, or not telling you information about your money. Or someone may be monitoring your spending and not letting you choose how to spend your money.

You might feel trapped or insecure because you can’t access your money to leave, or your partner has put you in too much debt. You may feel like you can’t make decisions about your own money.

Financial abuse is a type of domestic and family violence. It may happen alongside other types of violence, such as physical or emotional abuse. It can leave you feeling vulnerable, isolated, depressed and anxious.

Financial abuse can happen to anyone. This includes older people who can be more vulnerable to financial abuse. This is because they often depend on others for help with financial tasks and decisions. For more information go to:

• What is elder abuse 
• Financial abuse - moneysmart.gov.au

Or contact the Elder Abuse Helpline on 1300 651 192.

There are things you can do to protect your finances and support services you can access.

Protecting your finances

Whether you are planning to stay or leave, there are things you can do to help secure your finances for the future.

Practical steps

Before leaving a relationship

• Open a bank account in your name only and start depositing money into the new account.
• Update your email address to one that is not accessible by anyone else.
• Prepare an escape fund by putting aside small amounts of money over time and keeping it in a safe place.
• Gather important documents such as financial statements, tax returns, and legal documents.
• Create a safety plan.

After leaving a relationship

• Set up a mail redirection with Australia Post. For customers experiencing domestic and family violence, they offer:
  • free 12-month mail redirection service
  • free PO Box access for up to 22 months.
• Freeze/close joint bank accounts and credit cards.
• Contact Centrelink to see if you may be eligible for crisis support payments.
• Change PINs, passwords, and security questions for all mobile phone, bank and credit card accounts, email, and social media accounts.
• If you have been a victim of a crime, Victim Assist Queensland gives access to financial assistance and support services to help victims of violent crime recover from an act of violence, including domestic and family violence. Find out how to apply.

Next steps

• Get a credit report and contact any unknown creditors for a copy of the documents they hold.
• Update your contact information with service providers (e.g. phone, internet, insurance, schools/daycare etc.).
• Change your mobile phone number and SIM card.
• Update the beneficiaries of any superannuation or life insurance policies.
• Make or change your will and void any Powers of Attorney that nominate your ex-partner.
• Make an appointment with a financial counsellor who can help you prepare a budget and get on top of any debt. The National Debt Helpline provides free, confidential, and independent advice.

Financial and property settlements

There are steps you can take to divide your finances and property after separation.

If it is safe to do so, it is generally best if you can reach your own agreement with your former spouse or partner. This will save you money, time, and stress.

If you agree on arrangements— formalise your agreement by applying for consent orders or making a financial agreement

If you don’t agree on arrangements—apply for mediation or contact your nearest dispute resolution centre.

If you can’t reach an agreement after dispute resolution—apply to the Court for financial orders,

Legal Aid Queensland has a range information about property division issues, including property and financial agreements, dividing your property fairly, protecting your property, and spousal maintenance.

If someone is illegally holding your property (goods) and you want to get your belongings back, contact the police. Call Policelink on 131 444.  You may need legal advice.

Financial help

Financial and debt help is available:

• Financial assistance for victims of crime
• Emergency Relief Program
• Crisis payments for extreme circumstances
• Legal information about money issues and debt
• How to manage your debts
• Information to help women manage money

Resources to help you

• Protecting your finances against domestic and family violence and financial abuse (BOQ)
• If violence affects your tenancy factsheet - (Tenants Queensland)
• Domestic violence in a rental property - (RTA)
• Domestic and family violence - information for tenants factsheet (RTA)
• Safer in the home (Salvation Army)
• What is spousal or defacto maintenance? (Family violence law help)
• Separating with debt -a guide to your legal options 
• Property and financial agreements and consent orders - what you need to know