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New Jersey couples may find air miles slow down divorce

For many New Jersey couples, divorce is an emotional process that may be resolved quickly or drag on for ages with seemingly no end in sight. Often, the long, dragged-out divorces focus on issues that many people would consider petty. Couples who are unable to agree on the simplest terms of property division are often in for a long and contentious legal battle. Accordingly, most couples come to terms with the compromise necessary to affect a reasonable financial settlement in a divorce case.

However, there are some apparently small issues that may ruin a couple's chances for an amicable settlement. One of these is the fight over frequent flyer miles or bonus points attached to credit cards. These points can become a bone of contention between divorcing couples, especially when both partners travel frequently.

Frequent flyer miles or bonus points are a common perk of major credit cards and can translate into a substantial cash value for the recipient. Many card companies do not allow couples to split or transfer the rewards during a divorce, so one person may be faced with buying out the other's interest in such situations. This can often be handled through a cash settlement, but it is difficult in many cases to calculate the exact cash value of these types of perks. The value of frequent flyer miles changes based on the time of travel and the destination, so it may take some significant financial work to come up with a fair price to "buy out" the other partner's miles.

A divorce attorney may assist a person contemplating a complex financial settlement. By working out an agreement regarding a divorce settlement with the help of a family law attorney, both individuals may ultimately save a great deal of time, money and emotional turmoil.

Source: Forbes, "Divorce: Who Gets The Air Miles?", Jeff Landers, June 26, 2013

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