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Dividing non-traditional types of asset during a divorce

The largest component to many Colorado divorces is dividing the assets that are considered marital. This includes cash, retirement accounts and investment portfolios, but it also includes many non-traditional assets, such as collections of expensive items. Some couples will even need to determine who will get credit card points and air miles during a divorce. While this may seem trivial at first, it is a legitimate question.

Some credit card companies even go so far as to specify that their points and miles cannot be separated in the event that the couple divorces. In this case, the points and miles will often have to be valued in the course of the divorce and then this value will be added to the other side rather than attempting to manually split the actual miles. However, some companies will allow transfers of miles and points, which may be the best way to handle the situation.

Many couples who are divorcing should try to focus on the financial aspects rather than the emotional aspects. It is also important for each spouse to make sure that they get everything that they deserved. Trade offs may be required by spouses so that one spouse gets what they want and the other gets an item of similar value.

A lot of issues that arise during a divorce could have been prevented with the development of a prenuptial agreement. If a prenuptial agreement was not created then a divorce attorney may be necessary to help with the specifics of divvying up the marital assets. Colorado is not a common property state, which means that local residents will have to find an equitable agreement during a divorce to make sure that both spouses are taken care of.

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