You and your soon-to-be-ex have a say in how you want to divide property in your divorce. You know how to handle most assets, but you do not know what to do about your art collection.
The American Bar Association discusses how art factors into the property division aspect of a divorce. Get informed on dividing creative works fairly when dissolving a marriage.
Factors to consider
Courts and judges make decisions about dividing artwork by examining several factors. For instance, is your art collection worth more now than when you first bought it? Did you start the collection while married to your soon-to-be-ex-partner? Whether an art piece was part of an inheritance or a gift also affects the matter.
An art piece bought before you tied the knot may be non-marital property. If you bought an art piece or started a collection after your marriage with marital funds, then a judge may consider the art marital property to divide between you and your former spouse. If you created the art rather than purchased it either before or after walking down the aisle, the same rules apply.
If you have to divide the art, you must know the work’s current worth. Have a professional appraise the art’s current value so you know how to divide its worth equally in your divorce. If you or your soon-to-be-ex do not want physical ownership of the collection or a specific piece, you may agree to own the copyright instead.
Know how to fight for your fair share of assets during your divorce. With the right information, you have a better idea of how to navigate artwork and collections.