You and your current spouse know how to divide most of your assets for your divorce, but you feel clueless regarding your art collection. How should you handle this situation?
The American Bar Association breaks down how to divide art in divorce. Learn what to do if you created or collected art during or before your marriage.
To better understand how dividing artwork in divorce works, you must educate yourself on several factors. For instance, did you and your soon-to-be-ex buy the art together during your marriage? Have any pieces increased in value since you bought them? Did you or your current partner inherit any pieces up for division, or were any of them gifts?
The court may consider artwork bought or created during the marriage as marital property, which may qualify it for division between you and your soon-to-be-former-partner. Bear in mind that in New Jersey, divorce courts do not always divide assets 50-50. Instead, the primary focus is a fair division. Any pieces you purchased or created before tying the knot may fall under the category of non-marital property.
Current value and future proceeds
Because few divorces involve dividing art pieces, you and your current spouse may benefit from getting creative about handling future proceeds and a work’s current value. For example, one of you may retain ownership of a piece’s copyright while the other owns the physical artwork. To learn more about out-of-the-box solutions, consider consulting with a professional familiar with helping divorcing couples split art collections and pieces.
Arm yourself with knowledge when dividing art during a divorce. The right insights help you understand your options better.