Splitting up non-traditional marriage assets can be difficult

| Jul 8, 2013 | Divorce

Beyond the splitting of standard marital assets like cash, savings accounts and retirement accounts, many divorcing couples in Texas may also need to split unique types of assets such as credit card mileage. Credit card air miles, along with other unique types of assets, such as decorative objects that one spouse may have an attachment to, may be very difficult to divide during a divorce.

Some people may be attached to the potential that credit card air mileage or points may represent, such as a vacation or valuable first-class tickets. In some cases, the credit card companies themselves state that their mileage cannot be separated in the event of divorce. This means that a judge may require that one spouse get the miles and also reimburse the other spouse for the value of the miles that they are taking in some cases.

Other credit card companies may allow the points to simply be divided between the spouses. Other types of assets, such as vases, may need to be liquidated or may simply require that one spouse pay the other half of the value of the item. Items with emotional value can be more difficult to divide.

Like many states, Texas is a community property state, which means that a divorce requires the even separation of assets acquired during the marriage. This is a little simpler than an equitable distribution state, under which everything has to be distributed fairly based on more complex decisions. Nevertheless, an experienced family law attorney may help Texas residents going through the divorce process divide their property in a way that avoids contention and satisfies both parties. Many complex divorce issues can actually be avoided by creating a prenuptial agreement prior to one’s marriage. A family law attorney may assist with drafting this and other documents as well.

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




Recent Posts