You may have always had a keen eye for art, and over the years, you have been fortunate enough to acquire an impressive art collection. You may enjoy looking at the pieces you have collected, and museums or galleries may have even approached you about loaning out certain pieces so they could display them. Your collection may be a point of pride for you.
Because you enjoy artwork so much, the idea of permanently losing ownership of a piece may not seem acceptable to you. However, the possibility may exist since you and your spouse are getting a divorce. Unless stipulated in a prenuptial or similar document, any artwork you acquired during your marriage could be up for division.
If you deem the idea of your soon-to-be ex having any of the artwork unacceptable, you may be in for a fight when it comes time for property division. It is possible that some of the pieces have a considerable value, and your spouse may not simply walk away from the divorce without any of the art. However, that outcome becomes more likely if you have the ability to negotiate.
In order to maintain ownership of the artwork, you may need to offer the other party cash or other assets that have a similar value to the art. As a result, you will likely need to have your pieces and collection as a whole valuated. Some details that go into valuing artwork include the following:
- The condition of the pieces
- The provenance, or sales and acquisition history
- The market value for similar items
- The subject matter of the piece
- The rarity of the work
- The demand for a particular piece or even a particular artist’s work
A professional appraiser will need to determine the values of the work, and the entire process can take time. Still, you may feel that it is worth the effort to allow you to put your best foot forward in keeping your collection.
Creating a plan
The manner in which your marriage ended could play a role in how well negotiations go. If you and your spouse ended on bad terms, it is possible that he or she may not feel willing to negotiate over property. As a result, you may want to work with a dedicated Arizona attorney to create a plan for working toward the outcomes you desire.