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4 Key Concepts That Could Help Preserve an Art Collection

| Jan 29, 2019 | Uncategorized |

Most assets are simple to split up in a divorce. Securities, bank accounts and even some real estate holdings liquidate and divide in a relatively straightforward way. Of course, not everything fits the mold. Artworks in particular rank as some of the most complicated assets.

Here are some insights into how divorcing couples tend to divide complex, high-value assets in Connecticut and New York. These guidelines should be useful for anyone who holds significant value in unique articles of any kind, especially original works of art.

1. Valuation Is Essential

It may seem like a significant expense, but professional appraisal of artwork could be indispensable during a divorce. Both sides should and probably will have their own independent valuation teams. Above and beyond the credibility of the appraiser, clear communication of valuation procedures and reasonings could be the key to persuasion.

2. Selection Leads to Success

Many times, one spouse might favor a particular artwork more than the other. Even in particularly contentious situations, this preference could present an opportunity for compromise. 

3. Negotiation Preserves Collections

It is no secret that divorce trials are public proceedings. However, the measures judges take to settle these cases might surprise some couples. Those who wish to retain their art assets along with the cash values they represent could be well-served in negotiating privately. 

4. Separation Is Challenging

People in high-net-worth partnerships often experience an extended discovery process. It is important to step back from the emotional strain this investigation creates. Divorce participants tend to acquire this detachment by having a knowledgeable legal team coordinate audits, appraisals and other procedures in accordance with a confidential strategic goal.

Being connected to New York provides a unique set of opportunities for access to art, business and investment. Many couples in the area grow wealth considerably over the duration of a marriage. It is often possible to simplify the splitting of these assets via thoughtful negotiation, strategic oversight, precise valuation and prioritized division.