When it comes to high asset divorces, one of the items that a couple ultimately seems to battle it out most about is who’s going to end up with the artwork. For some husbands or wives, their emotional attachment to one piece of art or another comes to take on the form of a child custody dispute. In cases in which it does, the monetary value of a piece becomes a lot less important than does it’s sentimental one.
In dividing up art collections in a divorce, couples should first look to inventory their collection. In doing so, they should note what pieces were acquired before the marriage and during it. If any pieces have been sold since the couple’s separation, then they should note the price it was liquidated at. If there are pieces that were acquired during the marriage, yet haven’t been sold, then they should be appraised.
In bringing in an appraiser to assign a monetary value to your pieces, it’s then that many divorce attorneys note that an owner’s appreciation for the work grows even more. Couples may elect to either use the same appraiser or each hire one of their own.
Different appraisers may value the same piece differently. If the appraiser both you and your spouse hire do so, then you may wish to come to some agreement with your spouse to go with the median of the two amounts.
You and your spouse can then equitably split up your fair share of the works according to monetary value of them. Conversely, you may wish to keep all the pieces in exchange for your ex keeping a vacation home, a car or even custody of your shared children.
Dividing up big ticket assets like artwork can make for a contentious divorce. In consulting with an experienced Fort Myers, Florida divorce attorney, he or she can help you wad through the minefield that can describe many high asset divorces and help put you on a path to resolving your differences amicably.
Source: Wall Street Journal, “Tips for dividing art in a divorce or death,” Daniel Grant, accessed Aug. 01, 2017
