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  1. #1
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    Can a credit card be used to purchase investments

    Long story short, recently “retired” by my company. Significant reduction in pay taking my pension. Divorced for 5 years and still have about 5 more years to pay alimony to ex. Trying to get that reduced - no luck - still in court for the last year. Looking at her bank statements, she has been paying credit card company, $3000 to $5000 or more per month. That does not include mortgage or other bills. Some may think she just ran up cards, but she walked away with $150,000 in cash and still has most of that in the account presented to court. She also has over $300,000 in 401k that we split, plus part of my pension, and she has a $50,000 salary. I’m wondering if her sneaky lawyer figured she could somehow hide assets using a credit card to put the money somewhere, knowing that I may come back to try to reduce alimony when my company went under, which everyone knew was a possibility. Anybody know if you can purchase investments with a cc? Maybe I’m thinking badly, but I don’t trust what was presented.

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  3. BBC PREZ Al from Canada's Avatar
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    #2
    How can you look at her bank statements?

  4. Member
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    #3
    Document discovery, process is in court.

  5. Member
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    #4
    Assume you got her financials from court records. The divorce game is rigged brother, and you are on the wrong team. The people who make out the most are the lawyers, yours prolly uses your money to play golf with hers.

    On the bright side, it doesn't appear you're starving. Having been where you are (on a much smaller scale) many years ago, it'll be better if you forget her and get on with your life.

  6. Member
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    #5
    I think the answer is yes
    GETFISHED !!!

  7. Member
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    #6
    I know it’s rigged. Divorce has been over for five years, thank God. Just trying to reduce alimony since her income is now more than mine. Doesn’t seem fair, but I hear you. If one could present this situation to a jury, it would be over in a heartbeat, and I wouldn’t owe her another dime, but that isn’t how domestic relations court works here in Ohio. My current alimony pays her over half my current pension income.

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    #7
    Just pay and and go on any reduction won't be worth the legal fees.

  9. Member
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    #8
    I don't believe a financial institution will take a credit card to finance an investment.

    Quote Originally Posted by btlsranger View Post
    Long story short, recently “retired” by my company. Significant reduction in pay taking my pension. Divorced for 5 years and still have about 5 more years to pay alimony to ex. Trying to get that reduced - no luck - still in court for the last year. Looking at her bank statements, she has been paying credit card company, $3000 to $5000 or more per month. That does not include mortgage or other bills. Some may think she just ran up cards, but she walked away with $150,000 in cash and still has most of that in the account presented to court. She also has over $300,000 in 401k that we split, plus part of my pension, and she has a $50,000 salary. I’m wondering if her sneaky lawyer figured she could somehow hide assets using a credit card to put the money somewhere, knowing that I may come back to try to reduce alimony when my company went under, which everyone knew was a possibility. Anybody know if you can purchase investments with a cc? Maybe I’m thinking badly, but I don’t trust what was presented.

  10. Member
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    #9
    Quote Originally Posted by jarhead175 View Post
    Just pay and and go on any reduction won't be worth the legal fees.
    Alimony is $18,000 per year. Not an easy pay and go on situation, I might have to go back to work. That would be a bummer. I wish it was that easy.

  11. Member
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    #10
    A lot of people pay everything with a card to accumulate points with the CC company. They pay the balance at the end of the month so there is no interest charged, but the points are earned. That could be why there is several thousand showing each month as payments on CCs

  12. Member
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    #11
    Quote Originally Posted by 14decoys View Post
    A lot of people pay everything with a card to accumulate points with the CC company. They pay the balance at the end of the month so there is no interest charged, but the points are earned. That could be why there is several thousand showing each month as payments on CCs
    That’s what I do too, but it seems like an excessive amount for her, considering her mortgage, utilities, condo fees and other small expenses can be seen coming from her checking directly. Hell, After that stuff, I probably spend $750 per month on my cc and pay off monthly for the points. That’s what I don’t get, the rest of her income is put onto the cc, and she wasn’t a big spender when we were together (29 years). I would hope she learned some financial smarts in that time. BTW, once I filed for alimony reduction, her payments to cc company almost doubled, thats why I smell something fishy.

  13. Member Mizzou211's Avatar
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    #12
    Depending on the bank and type of CC, yes, they can be. Visa Black for example...

  14. Member
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    #13
    Quote Originally Posted by btlsranger View Post
    BTW, once I filed for alimony reduction, her payments to cc company almost doubled, thats why I smell something fishy.
    If that's the case, she sure needs to provide proof of what's happening.
    Last edited by okhawg; 02-13-2018 at 04:08 PM.
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  15. Member
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    #14
    Quote Originally Posted by btlsranger View Post
    I know it’s rigged. Divorce has been over for five years, thank God. Just trying to reduce alimony since her income is now more than mine. Doesn’t seem fair, but I hear you. If one could present this situation to a jury, it would be over in a heartbeat, and I wouldn’t owe her another dime, but that isn’t how domestic relations court works here in Ohio. My current alimony pays her over half my current pension income.
    So happens my experience with the domestic court was in Ohio. A more biased and incompetent system does not exist. Certainly not qualified to give advice, but the less time you spend in those God awful waiting rooms, and in the legal rooms themselves, the better off you'll be. Truly was a miserable experience.

    Wound up taking the cleaning contract for the building I worked in to be able to pay what they hung on me. Built computer networks during the day, and cleaned toilets at night.
    Last edited by jrich057; 02-13-2018 at 04:09 PM.

  16. Member
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    #15
    I hear you brother, nothing fair in my county - hancock. Not gonna get my hopes up, but at this point, I dont give a damn.

  17. Member
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    #16
    Quote Originally Posted by btlsranger View Post
    I hear you brother, nothing fair in my county - hancock. Not gonna get my hopes up, but at this point, I dont give a damn.
    Montgomery county for me. Best of luck. Hope you're already aware of this, but under the new federal tax law alimony is not deductible.

  18. Member
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    #17
    Subpoena the credit card statements not the bank statements. Then you can see what she's charging. Just don't get upset when you see Victoria's Secret on there.
    The quicker we get over the Judeo-Christian notion that we are somehow qualitatively different from the rest of the biome, the quicker we will learn to live healthier lives for ourselves and for the planet.
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  19. Member TampaJim's Avatar
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    #18
    Four Letter Word ... Bali. Run Forrest Run.
    Live under the palm trees and enjoy the breeze.
    I'm pretty sure you will enjoy it more.
    "Don't get so busy making a living that you forget to make a life." - Dolly Parton

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    #19
    Quote Originally Posted by btlsranger View Post
    BTW, once I filed for alimony reduction, her payments to cc company almost doubled, thats why I smell something fishy.
    Are you sure those payment are't being made to her lawyer??

  21. Member
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    #20
    Not trying to add to your angst, but she might have been socking away money for some time, and either depositing it in a side account, putting it in a safety deposit box, or in a shoe box. Not that I'm speaking from experience, mind you��

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