Dividing the assets in a Maryland divorce is a complex process involving strategy. High-earner couples can butt heads over the ownership of valuable collections and other items.
But it’s equally important to consider the value of less tangible marital property, e.g., the country club membership. Learn below why it’s vital to determine the correct value for your share.
Memberships remain with the member spouse
Country clubs can be very expensive to join. And while spouses may share the decision to apply for membership and may even split the initiation fee, it is still usually one spouse who signs on as the member. Their spouse and any children would be associate members under the member spouse.
In divorce, the membership contract rules apply, and usually, the associate member spouse cannot then apply for their own membership.
Your share still has value
Don’t write off this loss if you are an associate country club member facing a divorce. It is possible to calculate the considerable value of the social and business connections you made and enjoyed as a member of the country club. Moreover, you deserve to be compensated for this loss.
By strategizing before making any demands or agreements with your soon-to-be ex-spouse, you can leverage the value of your share of the club membership for other marital assets — the shore house or a larger piece of the retirement benefits pie, depending on where you are at this point in your life.
Learning more about how Maryland marital property laws apply to your situation is always a good idea before filing a divorce petition.