Getting married in Florida will involve a great deal of planning. This is particularly true if you are coming into the marriage with a high amount of assets. The fate of your art collection can hang in the balance if you aren’t careful. No matter how well you protect it, your art and other assets can end up divided at the time that you divorce.
Why do you need to inventory your collection?
The ever-looming specter of a high-asset property division is enough to prevent many people from combining their property in joint ownership. The solution is to show a high level of caution when it comes to the protection of art and other assets. One of the best things you can to safeguard it will be to make a complete inventory.
The point of the inventory should be to determine which pieces were purchased before your marriage. You should also have these pieces properly cataloged and appraised.
The same method should apply to any pieces you acquire while married. This will give you an exact value for each piece of art you claim as yours during a divorce. Any art that you acquire entirely with your own funds during your marriage should be kept solely in your name.
Can a prenuptial agreement save your collection?
There are many things that a prenuptial agreement can do to help you sleep better at night. Unfortunately, even an ironclad prenup may not be enough to safeguard all the pieces you acquired during your marriage. This will be especially true if ownership of some of these pieces is in both of your names.
A prenup can work wonders to protect your assets during a divorce. However, if both of your assets were used to buy, restore, or safeguard an art piece, it can be claimed as a mutual asset. Likewise, you should be prepared for the prospect of having to sell off or transfer a few pieces to your spouse. This may be the most efficient way to reach an equitable divorce settlement.
