Hello, I’m in the process of divorcing my husband. I’m in Melbourne, Australia. Financial abuse, heavily mortgaged and looking at selling our home for less than we bought it for, no equity. I’ll be lucky to leave the marriage with any money but most likely I’ll be leaving with debt to pay off. I have a young child and I’m so scared of being able to provide her with stability. I do work and have a slightly above average salary. Can anyone share hope with me that I can recover financially and buy again one day? Has anyone been to through similar?
Recovering from financial abuse
byu/Puzzleheaded-Net4464 inpersonalfinance
Posted by Puzzleheaded-Net4464
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– Are you eligible for any benefits? Even if not, maybe get in touch with centrelink and find out if they have resources to help you access decent accommodation at a rent you can afford and a neighbourhood you’re comfortable in.
– Factor in maintenance of yourself and child when determining what is affordable now that you’re on a single income.
– Look into consolidation of debt so it’s one payment a month (this can be costly so scrutinise if it’s worth it). Try to do it with your bank so everything is in one place. Research market rates. The idea is to protect your credit so you can buy in future.
– Don’t feel selfish if what’s best for you financially is a bit of a lifestyle change in the short term. Kids are resilient, and nothing is more important than a happy, healthy mum. Financial stress is very draining.
– Pursue a maintenance claim from your child’s father. Your child is entitled to that support, and every little bit helps. Some men make it so unpleasant that your mental health suffers but get help and at least try.
– Ask for help and use community resources the court for maintenance, from centrelink for benefits, the library and public parks to spend time with your child.
All the best, it’s scary but you can do it. Have you listened to the Divorce Course podcast?
Edit: even as you’re prioritising debt repayment, try to have a cushion or some savings as you go.