Property division includes the overlooked items, like rewards

 Posted on February 08, 2018 in Property Division

Like it or not, for many individuals, divorce is a fact of life. Attitudes about ending a marriage are also changing, with 73 percent of people reporting no moral objections to divorce in a 2017 Gallup poll. For many people, this life milestone signifies the end of the relationship and confronting the property division process that accompanies it. In Illinois, some couples will also have to separate property that is less often initially thought of during a divorce, like rewards points.

These days, credit card companies woo their customers with promises of rewards points or airline miles. Frequent travelers are also likely to participate in hotel travel programs that accumulate points towards free stays. When a couple lives and travels together, they accumulate these points together. So how can they be fairly divided during a marital breakup?

Depending on the law of the state, the rewards will either be split evenly, or a judge will determine what is fair. After the individual determines the split, then they will decide whether he or she is able to transfer the points to the ex's separate account, or if he or she will buy out the ex's share of the points. Other couples may choose to keep the points in shared account that they will use for certain pre-approved purposes.

Some couples in Illinois will be able to come to an agreement about the use of significant numbers of rewards points. Others will face a more contentious discussion about property division that may have to go before a judge. For any issues surrounding the separation or marital property, many people have chosen to use the services of an experienced family law attorney.

Source: wisebread.com, "How to Divide Rewards and Keep Your Sanity in Divorce", Holly Johnson, Jan. 25, 2018