Many Missouri residents who divorce end up arguing over who gets to keep certain assets. While bank accounts can be easily split down the middle in property division, other assets need to have a value assigned to them. If the property in question is a home or an automobile, it’s fairly simple. However, there are many items that are argued over in a divorce that do not have a straightforward value, such as frequent flyer miles or credit card benefits.
When dividing intangible assets like frequently flyer miles, it is often a good idea to come to an agreement about how much value they represent. This can be tricky because a miles used for a Hawaii vacation will often have more monetary value than a flight to Georgia to visit family. The same can be true of credit card rewards, so there may be negotiation to attribute a fair value. Once this is determined, the benefits can be factored into asset division the way a physical asset would be.
It is important when negotiating for items and determining their value that people think financially and not emotionally. Sometimes, when a spouse knows that a partner is particularly attached to a specific asset, he or she will exploit that information. If someone negotiates without emotion, then they are much more likely to get a fair portion of a couple’s assets.
Asset division can be tricky, even in a divorce that is not contentious. There are numerous items that can be tricky to determine the value of, and laws for asset division vary from state to state. A divorce attorney could help someone understand what their rights are and negotiate on their behalf.
Source: Forbes, “Divorce: Who Gets The Air Miles?“, Jeff Landers, June 26, 2013