Art collections can be very valuable, but the thought of having to split it up might be sickening. People who are going through a divorce may have to do just that. Without having a prenuptial agreement in place, the art collection will have to be addressed during property division discussions.
If you’re planning a divorce, you should ensure that you have an accurate listing of the pieces in your collection. This can help with the valuation and division because you’ll know exactly what you have.
Options for dividing the art collection
There are four ways that an art collection can be handled in a divorce. If you go into a marriage with valuable assets, such as an art collection, you should ensure that you have a prenuptial agreement to govern what happens if you divorce. The normal property division process is used if you don’t have a prenup in place.
- Sell the entire art collection
- Sell part of the art collection
- One party buys the other party out
- Divide the pieces in the collection
Valuable art collections will need to be evaluated to ensure that the division is being handled appropriately. It’s best to do it at the time of the divorce since you can’t fully rely on an old valuation or what you paid for each piece to determine what should happen with the collection now.
No matter what assets you have to divide at the end of your marriage, you should ensure that you consider the various options for dividing it. Working with someone who’s familiar with these property division matters may be beneficial.