A Brighter Future Is Within Your Reach

A Brighter Future Is Within Your Reach

How will you divide art in a divorce?

On Behalf of | Feb 15, 2023 | Complex Property Division, Divorce, Family Law Mediation |

Property division in a high-asset divorce can be one of the most complicated parts of the process. You may have assets that other couples do not, which only adds an additional layer to the process.

If you and your spouse own valuable art, you may wonder how you will divide these assets. There are a few considerations to make and then a process to follow to determine what happens with the art.

Ownership rights and the law

You first must consider for each piece of art who owns it. It could be something you own together, but if you can prove it is a separate asset, then it will make the process easier because you will be able to keep all your separate property without having to divide it. It might be separate if you bought it prior to the marriage or if it was part of an inheritance.

However, if you bought it during the marriage and it was not a gift or inheritance, then it is marital property that you must divide.

Division factors

Once you determine a piece is something you both have equal claim to, you should get a valuation. It may be costly to go through this process, but it is necessary for the fair division of assets.

Final decisions

You and your spouse would be best off if you can agree on the division of all art. You may decide to each keep certain pieces of comparable value. You can also sell pieces and split the profits.