If you and your spouse both appreciate art, then you may have amassed a small yet significant number of pieces during your marriage. You may even believe that the pieces have grown in value since you first bought them. The problem usually arises when one person believes that they are not worth more than what was originally paid. Your spouse may even be arguing that they should be able to keep all of the pieces because they have a strong emotional connection to them. You, however, may have wanted to sell the pieces, or at least negotiate assets in exchange for them.
As you can see from this example above it is very difficult to know how artwork should be divided, and if anything can be done to try and make things fair for both people involved. Luckily, divorce lawyers are usually well-versed in situations like this, resulting in a lot of different strategies that can be adopted to ensure a good outcome for all.
Dividing Artwork Fairly in the Event of a Divorce
The first thing that you have to try and do is determine the value of the artwork. If you want to do this, then you have to make sure that you and your spouse agree on an appraiser. It is also wise for you to consider hiring different appraisers so you can get a fair opinion. Artwork has the tendency to fluctuate in value, so there is a high chance that your pieces have depreciated or appreciated in value. Knowing what each piece is worth is always a good idea if you want to negotiate a fair settlement.
Equitable Distribution of the Artwork
In some states, you will be expected to split your assets fairly, but this doesn’t mean that they have to be done equally. What this means is that you may have a little bit more negotiating power when it comes to getting the artwork you are after. If your spouse wants to keep a piece of artwork that is worth around $45,000 then you may be able to find a way to keep your $60,000 sports car, if you can get your spouse to agree that this is a fair exchange. Although one may be worth slightly more than the other, it is a fair exchange that both parties are happy with. A divorce lawyer will always help you to get the best result out of your divorce and they will also help you to ensure that you are being as fair as possible in what you ask for, and what you actually end up receiving.
The Importance of Knowing your Assets
If you can, you have to know the value of the art that you have. This is the best way for you to get a solid idea of how significant your assets actually are. If your assets are not worth as much as you think, then you may want to relinquish them. If you have a personal connection to them or if they have appreciated in value, and you expect them to continue to do so, then you may want to keep fighting. Either way, a divorce lawyer is an invaluable person to have in your corner when the time comes to negotiate. Contact us today to find out how we could help you.
