Collecting artwork can be an adventure, as it often requires some detective work. Depending on the nature of your collection, it may also be one of the more valuable assets you and your spouse own. Now that you are intending to end your marriage, you may wonder what happens to your art collection.
In Florida, divorcing spouses typically receive an equitable share of the marital estate. If you and your husband or wife cannot reach an acceptable settlement, a judge is likely to apply principles of equity when distributing marital property. When it comes to your art collection, though, you may face some unique challenges.
The monetary value of your collection
With some marital assets, such as your home, it is not usually difficult to obtain a realistic valuation. Valuing artwork, though, is often not an exact science. Consequently, you and your spouse may each obtain wildly different appraisals of the collection. This may complicate the division of your assets considerably.
The sentimental value of your collection
Because many marital assets are replaceable, you may not mind parting with furniture, cars or other assets. Your art collection, though, may include one-of-a-kind pieces you love. If you or your spouse have a sentimental attachment to the collection or pieces in it, fairly dividing the collection may seem virtually impossible.
Ultimately, even though negotiating the future of your art collection is likely to give you some heartache, you undoubtedly have some options for splitting the collection, giving it up or retaining exclusive ownership of it.