What Will Happen to My Art Collection During a Divorce?

What Will Happen to My Art Collection During a Divorce?In most cases, people who are going through a divorce are able to work out who will keep what personal property.  But what if that property includes a collection?  Especially a collection that may be worth a significant amount because of that Van Gogh painting.

Collections, such as an art collection, are subject to equitable distribution just as other property accumulated during the marriage.  The easiest way to deal with the distribution of this property is to reach an agreement with regard to what items each party will take.  In some instances, the parties might alternate making selections until all of the artwork is distributed.  If one party wants to retain the collection, it may be necessary to have the collection valued.  This will establish the amount of money the person who wants to keep the collection will have to pay the other for their interest. If neither person wants to keep the artwork, it will be sold and the parties will share the proceeds from the sale.

When having the collection valued, or distributing the artwork, it is important to provide the certificate of authenticity.  This can assist in completing the valuation of the collection.  It is also important to keep receipts for artwork that is purchased, as it is possible that one party may attempt to claim that certain pieces are their pre-marital property.  If one person can prove that he or she purchased a piece of art prior to the marriage, the other person cannot receive a share of that particular piece of art.

At DeTorres and DeGeorge, we have experience in all aspects of equitable distribution, including the handling of valuable collections.  If you are concerned that your art collection may be impacted by your divorce, call 908-284-6005 to schedule a consultation with one of our attorneys today.

Financial Divorce Guide
About DeTorres and DeGeorge Family Law

DeTorres and DeGeorge Family Law is a New Jersey based family law firm that has been helping New Jersey residents achieve the best possible results in their divorce for nearly 30 years. The DeTorres and DeGeorge Family Law team is always ready to fight for their clients’ rights – determined to help New Jersey families overcome legal challenges from start to finish. Our legal team, with over 65 years of combined experience, provides expert guidance on all family law and divorce-related matters, including custody and parenting time, alimony and child support, equitable distribution of assets, premarital agreements, post-divorce issues, executive compensation distribution, divorces for business owners, and divorce mediation. The firm has been recognized for its dedication and expertise in the industry by multiple local and national organizations, including Super Lawyers, Law Firm 500, and the American Institute of Family Law Attorneys. Rosanne DeTorres, Managing Partner, is one of 150 lawyers certified as a matrimonial law attorney.