Property division in a divorce is rarely a simple matter. Both parties are focused on an equitable division but may have different ideas as to what that actually means. There can be personal as well as business assets involved and some are easily quantifiable while others may not be. Simply put, dividing marital property is a complex matter.
When faced with a divorce and the need for property division, there are many factors to consider. This can include what is marital property and what is non-marital property. Common assets to be divided include a home, automobiles, retirement accounts, artwork and other items that may have only sentimental value. Today’s mobile society can now add another item to be considered—the accumulation of airline miles or other travel related rewards points.
Some company’s programs have clear guidelines stating whether or not the points or miles are able to be considered for transfer to a spouse as part of a divorce settlement. Other companies do not have such stipulations. Either way, the value of the points or miles in question must be determined as part of the overall property division valuation. Some programs do provide cash equivalent values and some do not, leaving spouses and attorneys to find ways to do so.
Because a divorce can so easily require complex valuation of assets, it is helpful in such situations to work with an experienced divorce attorney. Having proper counsel can help ensure that your divorce is as equitable as possible and that your property is fairly divided between you and your spouse.
Source: Forbes, “Divorce: Who gets the air miles?,” Jeff Landers, June 26, 2013