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Identifying Financial Abuse


October is Domestic Abuse Awareness Month and its an important reminder to watch out for signs of financial abuse with a loved one. Financial expert John Caserta has tips for identifying financial abuse.

  • The National Coalition Against Domestic Violence (NCADV) estimates that nearly 95-99% of victims who have experienced some form of domestic violence, including physical, emotional, psychological, and sexual have also experienced financial or economic abuse.

  • Financial abuse has many forms including:

  • Controlling how money is spent

  • Preventing a victim from working or forcing them to quit a job

  • Stealing a partner’s identity

  • Coercing the victim into financial transactions


  • Other forms of financial abuse identified by experts:

  • Filing false insurance claims

  • Refusing to pay child support

  • Hiding assets or obscuring financial transactions

  • Engaging in excessive or unusually large cash transactions

  • Withholding basic living resources, medication, or food


Financial Abuse Risk Factors

  • A history of other forms of abuse in the relationship.

  • Poor health or some form of cognitive impairment, which is often seen with elderly victims.

  • Lack of a social network of family or friends that can help identify scams.

  • Unfamiliarity with financial matters.

  • Having family members with substance abuse problems.

Creating a Healthy Financial Relationship

  • Both partners have access to financial records and knowledge of existing accounts.

  • Financial decisions are made jointly.

  • Both partners meet with financial, legal, and tax professionals.

  • Documents are reviewed and signed together.

  • Each partner has equal access to money.

  • Determine financial powers of attorney when you are in good health physically and mentally.

Resources

  • Purple Purse – A non-profit organization sponsored by Allstate.

  • National Coalition Against Domestic Violence ncadv.org

  • National Domestic Violence Hotline 1-800-799-7233.

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Securities and investment advisory services offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC. 210 Park Avenue Suite 101, Florham Park, NJ 07932 (973) 538-9100. HTK is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company.  Caserta & de Jongh, LLC is independent of HTK, LLC. HTK does not provide legal and tax advice. Always consult a qualified tax advisor regarding your personal tax situation and a qualified legal professional for your personal estate planning situation. 

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Investment advisory and financial planning services are provided by John Caserta, HTK Investment Adviser Representative. Our representatives are insurance and securities licensed in our home state of CT, as well as additional states.  For more information, please contact our office.  This is not an offer or solicitation in any state where not properly licensed.

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