Divorce occurs anywhere and to anyone, including you even if you live in the suburbs of Chatanooga, Hamilton County or East Ridge Tennessee. Up to 50% of marriages end in divorce currently in the United States alone, so it is important to understand the process in and out. One area that you may not hear much about is how reward points divide after a divorce. This is one area of finances that you may overlook when in the divorce process, but it is essential to consider, especially when you have airline miles to use.
Airline miles after divorce
One of the most useful rewards you receive from credit card companies and airlines are airline miles. These miles are literally a type of asset shared by both members of the marriage. You and your spouse have to come to some form of an agreement after divorce about what happens with these miles, whether that be an even split or not. Tennessee is a state that relies on equitable distribution in divorce, so the court can decide who receives the most mileage. A lawyer who cares can help in the agreement process, however, so that it does not even have to go to court.
Types of division
There are many methods available to you and your spouse for the division of the airline miles after divorce. An equal split may incur fees, but there are other options:
- Transfer rewards first to another person
- Give a valuation to the points, giving the same amount of cash to the other person
- Keep the points where they are and agree on usage
- Just let them go if there are not many points
Divorce can be messy, but it does not have to be when you have a lawyer who you can trust and rely on. Contact a lawyer who is passionate about giving you the help you need. The process will feel easier, and property division will be fair as it should be. This even includes the property division of rewards you earn from companies, such as airline miles that allow you to travel.