Divorcing will mean splitting up the assets you and your spouse own together. For many couples, this extends only to real estate and financial assets, which can often be split relatively simply.
For couples who are art collectors, things can get more complex. Here are some reasons why.
You might both want the same things
Some buy art primarily as an investment. That’s why there are so many amazing artworks locked in storage. Yet, most people buy a particular piece of art because it speaks to them. While there may be some pieces you are happy to let your spouse take and vice versa, there may be some that you both love and are reluctant to let go of.
It’s hard to price
Knowing the value of pieces allows you to ensure the overall property division process is fair. If you follow art auctions, you’ll have noticed that some pieces go for much more than expected, and some for much less than the seller hoped.
That is because putting a value on a piece of art can be challenging. The value largely depends on what someone is prepared to pay for it when it goes on sale. Two enthusiastic bidders could push a price far beyond what even they thought the item was worth, whereas a poorly timed sale, or one when the artist has fallen out of favor, could go the other way.
Storage and display need to be considered
Maybe you have a lovely big house with wall space to display that large abstract. But will you still have the space when you move to separate places? Your new place might not have the same climate or climate control systems, putting the artwork at risk.
With so much at stake, be sure to get appropriate legal guidance to help you make the right choices.