High-asset New Jersey divorces can be complex to hash out. The more assets that were acquired during the marriage, the more that must be divided when couples file for divorce.
Below is some important information for those interested in retaining one potentially valuable asset.
Who gets the country club membership?
Many couples derive much personal pleasure and business benefits from joining their local country clubs. But that can change when divorce looms. So, is it worth it to try to be the spouse that holds onto the country club membership?
Unfortunately, country club memberships are typically issued solely to one person, the member spouse, with their spouses and children listed only as associate members. In the event of divorce, the associate spouse usually will not be eligible to keep the membership.
This asset still has value
If you are the associate spouse, you must understand that this asset is valuable, whether you end up with it or not. Its inherent value doesn’t change in divorce. A non-member spouse can leverage their share of the membership’s value by exchanging it for a comparable asset — the wine collection, shore house, family home, etc.
Strategize your divorce settlement
By working together with your financial and legal advisers, you can attempt to get the best deal possible with a fair and equitable division of marital assets. Be realistic and honest about what you need to move forward after your divorce. Mediation is one good way to address the property settlement in your divorce when you and your soon-to-be ex-spouse can’t agree.