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Do You Have Concerns About Your Artwork And Your Divorce?

On Behalf of | Aug 23, 2019 | High-Asset Divorce |

Because each divorce case is different, you may have certain details to consider that many other Oregon residents may not. If you have a considerable amount of wealth, you could have specific assets that will likely complicate the asset division process. In particular, if you have an art collection or create works of art yourself, your case faces additional complexities.

Whether you want to hold on to as much of the artwork as possible or ensure that you receive a fair share of other assets, one of the most important factors in dividing artwork is valuation. Unfortunately, it can be difficult to determine the exact value of a piece, especially of original artwork.

Bring in the professionals

Because valuing and appraising art is difficult, it is important that you bring in a professional art appraiser. This individual can go over the various works of art you have collected during your marriage. If you collected or created pieces before you got married, those works are separate property and you will not need to include them for the purposes of property division. Unfortunately, complications could even arise during the appraisal if your soon-to-be ex-spouse wants to obtain a separate appraisal, which could garner different results.

Additionally, personally created artwork can also bring complications to the situation. If you or your spouse have obtained some notoriety for the created work, it is possible that it could also hold value. Though the appraiser may have opinions on market value, the artist could hold sentimental value as well, which could come into play. Additionally, copyright laws and other factors could also affect the division of original works.

Inventory your collection

Before the appraisal occurs, you need to account for all of the pieces in your collection. This inventory should include works you have in your home, ones loaned out to museums or other establishments, ones in storage and even ones that have sold. The proceeds from any sold artwork could affect property division as well.

Unfortunately, trying to divide complex assets can make a divorce take longer. Still, it is undoubtedly important to you to reach the best outcomes when it comes to addressing your assets. If you have concerns about your art collection or other uncommon assets, you may wish to discuss those concerns with an attorney experienced in handling complex matters and high asset divorces cases.

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