The process of divorce and asset separation can be a difficult and sensitive time for couples in Australia. There are a number of steps that need to be taken in order to legally sever ties and divide up property, assets and debts. The process can be made simpler with the help of a lawyer or mediator, but it is important to understand the basics before beginning.
Once the divorce has been filed, there will be a period of waiting before it is finalised. During this time, couples can negotiate the terms of their separation, including how they will divide up their property and assets. If they are unable to reach an agreement, they may need to go to court to have a judge make the decisions for them. This also applies to de facto couples.
Divorce is always a difficult and complicated process, but dividing up shared assets can be especially difficult. For example, who gets the frequent flyer points? In Australia, there are no specific laws governing who gets the points, so it is important to understand how these assets are classified before making any decisions. It all depends on the value of the points firstly. If it is a small value it may not be included. If it is a large value, it will be included. It would then be negotiated who is to get the frequent flyer points and that depends on whose name they are already in and would depend on the overall percentage split of the property that has been agreed by consent or been determined by a court.
However, it is important to note that this is just a general guideline, and each situation is unique. If you have any questions about dividing frequent flyer points in a divorce, it is always best to speak to an experienced family lawyer.
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