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Division of property can be tricky in Florida divorce cases

Division of marital assets is one of the main factors when it comes to reaching a divorce settlement in Florida. Marital assets may include real estate holdings, wine collections, art collections and any properties acquired during the marriage. Property division and division of assets can be tricky when it comes to determining exactly what each party receives.

Even something as seemingly trivial as frequent flyer miles can become a serious issue, especially if one or both parties has accumulated thousands of miles that can equate to substantial savings. Since Florida is an equal distribution state (Florida Statute 61.075), an equitable distribution of tangible property is required. When it comes to something like frequent flyer miles, the answer may be in the terms and conditions associated with those miles. Rather than trying to find a way around restrictions on transferring miles, it may be easier to negotiate for something of equivalent value.

If one or both parties insists on splitting the miles, there may be fees associated with the transfer of the miles into two accounts. Some point values are determined by miles, while others have different values based on the time of year and the destination. Other plans place restrictions on locations and when points can be redeemed. How to handle any related fees should be determined ahead of time.

The outcome of the division of property and division of assets in a divorce settlement isn't always clear. If a settlement cannot be reached, the court's ruling is entirely subjective. This is why it is recommended to have the assistance of an experienced Florida divorce attorney who may be helpful in initial attempts to reach an agreement without going to court.

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