One of the most important issues for divorcing Texas spouses to consider involves the full scope of marital wealth, and how that wealth will be divided. Property division is a divorce priority for a good reason, as the outcome will shape the financial lives of both parties for many years to come. It is important to make sure that all asset types are considered during a divorce, and that no money is being left on the negotiation table. That includes less common assets, such as memberships, time shares or other things of value that fall outside the scope of traditional assets.
Many spouses forget about memberships and other types of assets as they prepare to divorce, especially if those assets were not used on a regular bases. However, these assets can have significant value, and should become part of the larger property division discussion. Take, for example, a country club membership that was purchased years ago. Even if no one in the family makes much use of the membership, it still holds value.
In some cases, a membership has a clearly defined value, such as the dollar amount that it would take to purchase a membership at the time of separation, or the estimated price that a membership would bring if sold. If one spouse does make use of the asset, such as bringing business clients to various events or golf outings held at a country club, then the value of the asset may be even greater. Working with an attorney who is familiar with unusual asset types can be helpful in placing a dollar value on these types of memberships or accounts.
Country club memberships are just one example. Other types of uncommon assets include campground or RV park memberships, time share vacation plans, travel club memberships or even frequent flier miles. It is easy for Texas residents to overlook these seemingly minor assets during the course of a divorce, but doing so can lead to a loss of wealth, and one that can be next to impossible to rectify once the divorce is made final.
Source: seekingalpha.com, “Common Financial Mistakes Divorcing Women Make“, Russ Thornton, June 20, 2017
