When you are involved in a high-asset California divorce, you should never leave money, resources or assets on the table. With our state being a community property state where couples divide their marital property 50/50, it’s essential to understand the value of what you own.
One often overlooked (and undervalued) asset of many marriages is the country club membership. Read on to understand why this must be addressed in your split.
Memberships remain with the member
Although joining a country club can be an expensive undertaking shared by both spouses, most typically admit one spouse as the member. The other spouse (and any children they may have) are considered associate or “junior” members. Members have traditionally been males, although this is changing gradually in some areas.
Couples may both have previously enjoyed the business and professional ties they make on the tennis courts and golf courses, as well as the many social opportunities they derive from being members of the country club. It can seem unfair that one spouse loses all of those benefits and amenities — and they deserve other compensation in its place.
Strategizing now can get you what you need
There can be any number of trade-offs in your California divorce. Giving up your share of the country club membership benefits could be leveraged for another significant asset, like art or wine collections or more time at the beach house every year.
Learning more about the community property laws of the state can help you plan the division of the assets between you and your soon-to-be ex-spouse.