When married couples go through a high-asset divorce, dividing the marital property can become quite complex. However, each shared asset must be valued and split between the former spouses.
Let’s delve into one common asset shared by high-earner couples — the country club membership.
It’s a high-value asset
If you are married with children, chances are good that your entire family’s lives are fully plugged into your country club activities. Weekly golf foursomes, tennis lessons, swim team practices and winter formals all make up your family’s calendar. Missing out on those fun times can be compensated, if it’s quantified. In addition, the cost of a membership can be significant, so that’s an asset worth noting.
Membership remains with the member spouse
Unfortunately, most country clubs have rules that only permit one spouse to be a member of the club. The other spouse and children are associate members with fewer privileges. The courts cannot subvert a private club’s rules, but your legal team might include someone with experience valuating assets like club memberships.
Calculate both the social and the professional benefits that you derived from the country club. Many deals get sealed during an afternoon of golf and then celebrated with a couple of celebratory rounds later in the club lounge, and there is some value to the perceived social status of certain clubs.
Find an equivalent asset
To even the marital distribution scales in your high-asset divorce, use a strategy to come up with the best trade-off for your share of the club membership. Maybe that may not be the condo in Myrtle Beach or a full share of the family home — but it should be something. Couples facing gray divorce might be better served by seeking a larger portion of the retirement accounts. It all depends on your present and future needs as you move forward through the divorce proceedings.
In any situation, it is wisest to have an experienced attorney by your side as you navigate these waters.