When a couple has a substantial art collection, it may be one of the most valuable assets they own. For example, if the collection is worth $1 million, the couple will likely view this asset the same way most people view a home, business, investment portfolio or similar asset.
But how do you go about dividing the art collection in a divorce? First, consider which pieces of art are marital property because they were purchased or acquired during the marriage. Some of the art may be separate property if one partner bought it before the wedding. As a general rule, only marital property is subject to division.
Have an evaluation or appraisal carried out
Once you’ve determined which pieces of art need to be divided, the next step is to have an official appraisal done by a qualified art appraiser. Remember that the value may have changed significantly. Just because a painting sold for $100,000 twenty years ago doesn’t mean it’s worth the same amount today. The value could have doubled, for instance. An appraiser will be able to determine the accurate value at the time of the divorce.
This is especially important if your spouse purchased the art and wants to use the original purchase price for valuation. They may well know that a particular painting is now worth $250,000, but they might prefer to split it with you based on the original price of $100,000, meaning they’d only need to give you $50,000 in value if they kept the painting. In reality, you may deserve far more.
This process can become very complex, which is why it’s essential to understand the legal steps involved. Legal guidance can help.
At The Law Firm of Poppe & Associates, PLLC, our focus is relentless advocacy for our clients. If you or someone you know is considering divorce, reach out to schedule a consultation at 646-665-3903 or by contacting us online.
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Mia Poppe, Esq.
Managing Partner