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What perks and benefits should I protect in divorce?

What perks and benefits should I protect in divorce?

On Behalf of | Apr 7, 2022 | High-Asset Divorce |

Dividing up marital property in divorce often means deciding what to do with a residence, vehicles or valuable household items like china and furniture. However, it can be easy to overlook other assets, especially if they are not in a tangible form. Some of these assets are perks, benefits and high-priced memberships that you currently enjoy.

Policy Genius explains that you might end up with troublesome loose ends if you do not resolve, who should have sole ownership of perks and memberships before completing your divorce. Your spouse might alter your membership status or continue to benefit from your membership or rewards even though your relationship is over. Here are some common high-value rewards and benefits that you may want to protect.

Your organizational memberships

Over the course of your marriage, you may have signed up for any number of memberships. Common examples include country clubs, golf courses, a gym, or a wholesaler club. If you do not want your spouse to continue to benefit from these memberships, you will need to work out how to remove your spouse from the membership.

Your spouse may argue that he or she should receive a share of the membership. A possible outcome is that your spouse receives a membership of his or her own and a share of the benefits. However, dividing a membership will depend on the rules of the club or organization.

Rewards points on credit cards

If you travel on airplanes or stay at hotels, you probably want to use rewards points you have earned on a credit card for those activities. However, if you receive rewards from a credit card you jointly own with your spouse, your spouse will probably have a claim to those points. If you do not resolve the issue before your divorce and you keep the card, your ex may end up using up your rewards.

These and other high-value perks may involve complications questions of property division, which is why some couples decide to mediate their divorce instead of going to court so they have more control over the final outcome. How you decide to resolve issues stemming from your divorce will depend on your personal situation.