When dividing marital property from a high-asset divorce, you can hit a few snags. While some assets may be harder to divide than others, it is still possible to get your share of the value of the assets.
Let’s examine one common asset that can be challenging to value and halve — the country club membership.
The role of the country club
Many people use their country club memberships to enhance their social and professional lives. Taking clients out for a round of golf followed by drinks at the club is a popular way to try to advance your career trajectory.
For others, especially couples who have children, the family’s social lives may revolve around the club and its activities. From swim teams for kids to ladies’ tennis matches and winter balls, the country club is at the epicenter of its members’ lives. Thus, it has a great value to the parties who are divorcing.
Determining its value
The value of your membership can vary widely, as some exclusive clubs have initiation fees of $50,000 and up. Even if yours is not that expensive, the value can still be high if the family members are frequent visitors. You may need a professional valuation to be done to see what your share will be.
Not all memberships are shareable
Some people are surprised to learn that they are not actually full members of the country club. Typically, one spouse is the member, and the other is an associate member (along with any children below a certain age).
Should the marriage end, the associate spouse usually has to give up their privileges at the club. But they may still be entitled to the value of their share and request a larger portion of the retirement assets or an equivalent interest in the vacation house on the shore.
However you decide to divide your marital assets, your legal team can guide you through the pitfalls of divorce.