When people think about credit cards while they are going through the divorce process in Florida, they may focus on who will be responsible for the debt involved. Forbes magazine points out that there may also be marital assets connected to these accounts that should be noted before marital property is divided.
Most credit cards include some kind of reward program for making purchases with the account. These may be cash back, flyer miles or points that can be redeemed for a variety of items. For couples who regularly use a card to make major purchases, these rewards may add up quickly, and the amounts can become significant.
According to CreditCards.com, the way these rewards may be divided often depends on the terms and conditions set by the credit card company. If they are non-transferrable and cannot be redeemed for money, spouses may want to consider having a cash value assigned to them by a professional. Some couples choose to allocate the rewards to their child, or to redeem them for an item that can then be added to the list of property to be divided equitably by the court.
If one spouse uses the card for any type of personal purchases, the rewards may be considered a marital asset. However, in some circumstances, the bonuses received as the result of the use of a credit card may actually be separate property. For example, when one spouse owns a business and uses the account solely for business purchases, the rewards may belong to the company, and would probably not be subject to division.