Splitting up property is never fun when you’re getting divorce. It can be hard, frustrating and time-consuming. For those who collect art, this can be even more complicated. People are often attached to their art and don’t want to let it go. Below are a few tips that may help the process go smoothly.
1. Work with an appraiser.
The only way to divide art is to determine exactly what each piece is worth. The value changes over time, so don’t assume that it’s worth what you paid for it. Additionally, understand that splitting it has to be based on the value right now—not what you hope it will be worth in 20 years. Hire a professional appraiser so that you can have some solid values that will stand up in court.
2. Inventory your art.
You never want to start this process without an inventory. Go through everything and list all of the pieces you own. If you know the values—or at least what you paid—list that as well. Make sure that nothing is overlooked or forgotten.
3. Talk to your spouse.
As noted, many people have emotional attachments to certain pieces. Your spouse may really want a piece that you don’t care about that much. Keep lines of communication open. You may be able to find an agreement that suits both of you, keeping the pieces you care about and getting rid of those that are less important.
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