If you have a decent credit score, you probably receive several credit card applications every single week. It is not uncommon for financial institutions to use rewards to attract new customers, of course. These rewards may come in the form of cash bonuses, travel perks and other extra incentives.
While you may not have thought much about the credit card rewards you and your soon-to-be ex-spouse have accumulated during your marriage, you want to prepare yourself to deal with them during your divorce. After all, your credit card rewards may be quite valuable.
Division of marital property
According to Florida law, divorcing spouses have an equitable interest in their marital estates. As such, you and your spouse should each end up with a fair percentage of your accumulated wealth, even if you do not get precisely half.
Valuation of credit card rewards
When preparing for your divorce, it is advisable to inventory and appraise all of your marital assets. When it comes to your credit card rewards, though, you may have to do some guessing, as your rewards probably expressly have no cash value. Still, calculating the value of the perks your rewards buy may give you a ballpark figure.
Division of credit card rewards
It can be equally challenging to divide credit card rewards, especially if you have credit cards solely in either your name or your spouse’s. Indeed, many rewards programs prohibit individuals from gifting or otherwise transferring reward points, even to their ex-spouses.
Ultimately, if you want exclusive ownership of your reward points, you may have to part with some other assets during your settlement negotiations.