Hidden Assets in Credit Card Overpayments

One common way to hide money is to overpay a credit card. The goal is to create a situation in which a refund or credit will be issued after the divorce is finalized, making the refund your spouse’s property. Remember to check your spouse’s credit card statements for an overpayment.   Make sure that the credit card payments are for the amount owed, and not toward a credit your spouse can enjoy after your divorce is finalized.  If an overpayment is made on a credit card, the credit card company will normally allow the card holder to use the overpayment toward future purchases. If the overpaid balance is not used in a timely manner, the company will issue a check for the balance.  For example, if your spouse has a credit card statement reflecting a balance of $1,000, but pays the credit card company $2,000, your spouse has essentially banked $1000.  If you do not look at the credit card statement, you will not know that your spouse if essentially using the credit card as a savings account to divert money away from you.

Bottom line, look at the credit card statements to ensure that only the outstanding balance is being paid.  #divorce #findingassets #michiganattorney #creditcard