Frequent Flyer Miles Can Be A Factor In Some Divorce Settlements
The division of marital assets is at the core of many New Jersey divorce settlements. Assets that are jointly owned can include common items like real estate, cash and stock portfolios, and often some that are a bit more unusual like expensive wine, art collections or even guns. So, would most people who are embroiled in a contentious divorce consider something like frequent flyer miles downright trivial or significant enough to fight over?
Most couples might not care enough about air miles and credit card rewards points to even bother, but some might have some serious frequent flyer miles and other rewards built up because they travel extensively for business and much of that travel is international. In some cases, both spouses may have contributed to the wealth of miles accumulated and each feels that they deserve to reap the benefits as much or more than the other.
How to go about dividing these assets is another matter altogether. Some companies do not allow their rewards or miles to be transferred. In this case, a monetary value can be placed on them and something else substituted in their place that is of equal value. On the other hand, some credit card companies or airlines might be willing to split the rewards and put them into two separate accounts, one for each spouse. There could be a transfer fee or other fees involved in the process, but it may prove to be an all-around simpler solution.
Divorces happen in New Jersey every day just like in other states. Division of assets is an important consideration whether you and your spouse have a wealth of assets or not. Either way, arriving at a fair and equitable solution to asset distribution for your personal situation can be a top priority in helping you both to get on with your respective lives.
Source: Forbes, “Divorce: Who Gets The Air Miles?“, Jeff Landers, June 26, 2013