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How do you handle artwork in a divorce?

On Behalf of | Mar 11, 2020 | high asset divorce |

Divorcing couples are in the position of making decision after decision during this agonizing process. When there are minor children involved, custody and support are often the primary focus. Then there is the question of selling your primary residence or whether one of you stays there while the other moves out. You furthermore need to divide additional assets to the best of your ability. But what happens to your artwork when you dissolve your marriage? 

According to luxury lifestyle magazine Town and Country, if you and your spouse acquire art during the course of your marriage and later divorce, you should treat the art just the same as other possessions that you jointly own. Many couples actually add art that they purchase together to a prenuptial agreement, making it easy to deal with later on. If you did not do this, it is clearly a more difficult decision than trying to divide regular household possessions. Sentimental attachment to artwork may be an issue. Also, sometimes the valuation of pieces you own may be greater than that of your primary residence. 

First, you should try your hardest to work out the disposition. If you have multiple pieces of valuable artwork, this becomes easier since there is a better chance that you can figure out a way to divide them. This your best option, even if you must add money to one side to equal things out. If you cannot come to a resolution, you are going to need to hire an appraiser to come and then sell the art. However, at times this causes complications since the only way to really determine what a piece is worth is to actually sell it.