During a divorce, individuals may find themselves divvying up certain marital assets. A breakup can be a challenging time, and for many the process of documenting the assets, collecting financial information and copying important documents can be overwhelming. It’s no surprise that some Wyoming couples may miss certain overlooked hidden assets, like rewards points or airline miles.
For many, the issue of airline miles won’t even come up, but some people may have spent considerable time and effort to gather up enough rewards points for a special trip. Although the points aren’t cash, they do have value, and for some it is worth the effort to calculate what the points could be worth. Certain websites are available to look up the current cash value of several points programs.
Some programs will allow a transfer of points to another account, often with a fee. If this option is not agreeable, then a person may choose to research the value of the points, and possibly take a payout of his or her share instead transferring that portion. Another option for some families is to use the points for certain pre-agreed uses, like funding a child’s travel.
Exactly how a judge will choose to separate the rewards will vary by state, and will depend upon whether the location uses community property or equitable distribution rules for property division. Many couples in Wyoming — an equitable distribution state — may also be able to negotiate an agreement without a judge’s intervention. For others who choose to enlist outside help, an experienced family law attorney will be familiar with the laws of the state and the options available.
Source: wisebread.com, “How to Divide Rewards and Keep Your Sanity in Divorce“, Holly Johnson, Jan. 25, 2018