Are my Employment Benefits and Frequent Flyer Miles Considered Marital Property?
Are my Employment Benefits And Frequent Flyer Miles Considered Marital Property?
During the course of a divorce, most assets which were held jointly or were acquired during the course of a marriage must be divided. Many individuals think about dividing their family home, owned businesses, retirement assets, and other common types of assets. However, there are also situations where more niche assets are considered for equitable distribution including employment benefits and frequent flyer miles. In these situations, how are the assets valued, and which assets are eligible for division?
The equitable distribution attorneys of Jacobs Berger have extensive experience helping divorcing couples divide complex assets in Morris County towns and across Northern New Jersey. Our firm is built on the belief that most divorce disputes can be handled amicably and cooperatively, but will not hesitate to pursue any means necessary to protect your family’s future. Our attorneys take pride in offering dynamic and personalized legal solutions to fit your individual needs and concerns.
Call our office today to learn more about your legal standing when it comes to asset division or any other divorce legal matter in a strategic planning session.
Marital Asset Division Lawyers Value Frequent Flyer Miles and Employment Benefits
One of the most important steps our Madison martial asset division lawyers will take during your divorce process is to help valuate your assets. This can be done using knowledge of New Jersey divorce laws, but also may include calling in expert witnesses to testify on fair market value. When it comes to frequent flyer miles and employment benefits, valuation might look something like this:
Frequent Flyer Miles are only as good as your ability to use them. “Miles” may be a finite term, but they must be cashed in towards other flights or benefits. Depending on your situation, miles may have a constantly changing value which can range between $0.005 and $0.08 each. For one (1) million miles, this value can change between $80,000 and $5,000.
Employment Benefits may refer to a wide range of potentially valuable assets. The most common forms of employment benefits are health insurance, life insurance, dental insurance, and paid vacation. However, some employees also receive benefits including profit sharing, pensions, stock options, gratuity, stock options and more. Each case is different, and you may want to speak to a Madison marital asset division lawyer to learn more about where you stand from a legal and financial perspective.
What is Equitable Distribution in New Jersey?
New Jersey is an equitable distribution state. For those going through a divorce, this means that assets which are considered “marital” must be divided equitably, though not necessarily evenly. In other words, judges or mediators will look at how much each party contributed to the asset in question, the length of the marriage, and much more to determine how to divide assets.
When it comes to employment benefits and frequent flyer miles, our Randolph asset division and divorce attorneys will use these regulations to help you determine an equitable distribution of your assets. There are a litany of factors and complications which can come into play which may determined whether or not these assets are eligible for equitable distribution.
Asset Division and Divorce Attorneys Discuss When Miles and Benefits Can be Divided
Frequent Flyer Miles will generally be considered martial property if they are accrued during a marriage. However, there are certain rewards programs which explicitly state that points and miles are non-transferrable in the case of a divorce. There may also be situations where spouses may both use a frequent flyer account which is held under just one individual’s name. This may entitle the non-owning spouse to distribution as well.
Employment Benefits division will really depend on the nature of the benefits in question and how and when they were acquired. Benefits like stock options and profit sharing will generally be eligible for equitable distribution while health insurance and vacation may not. In such potentially complex financial situations, working with a qualified and experienced divorce attorney is essential.
Contact our Employee Benefits and Miles Division Attorneys Today
At Jacobs Berger, our employee benefits and frequent flyer miles division attorneys understand that no two divorces are exactly alike. For this and many other reasons, we take the time to understand your individual needs and concerns going into divorce proceedings and tailor our legal approach around that reality. This unique approach to divorce law has allowed us to deliver great results for our divorce clients from local Morris County communities and across all of Northern New Jersey. Our attorneys concentrate on securing a solid legal, financial, and emotional foundation for our clients and their families.
If you or a loved one have any questions or concerns regarding the division of complex assets including frequent flyer miles or employee benefits during a divorce, please contact us online or through our Morristown, NJ offices by calling (973) 447-3943 today for a strategic planning session with one of our qualified and experienced divorce attorneys.