They say a picture is worth a 1000 words. If you are getting divorced and have a collection of art, you will need a more precise measurement of your pieces’ worth. You will also need to determine which of you owns any particular piece.
Splitting an art collection built up over the years can be emotionally and financially challenging. While some people see art as an investment, for others, it is about collecting a selection of works that complement each other or are relevant to each other. Removing just one piece can adversely affect the value of the whole collection.
So, how do you decide how to split artwork in your divorce? If you have a premarital agreement in place, this can make things simpler. If not, you need to look at how and when each piece was acquired. Did you bring it into the marriage? Did you inherit it, or did you receive it as a gift? If any of these are true, you may claim it belongs to you and is non-marital property. If you bought it when married, it is more likely to be considered marital property that you must split between you.
When it comes to valuing art that is considered marital property, you somehow need to agree on each piece’s value. If you collect art, you will know that valuations vary wildly. Perhaps the only accurate way to determine what something is worth is to sell it. An experienced high-asset divorce attorney can help you understand how your art fits into the overall division of property in your divorce.