Dividing Artwork During Your Florida Divorce

In Florida, divorcing couples are entitled to a fair share of their marital property, or assets that they acquired during the marriage. This includes property like vehicles, real estate, bank accounts, and personal possessions, as well as more unique assets, such as artwork. Unfortunately, placing a value on these kinds of assets can be complicated, especially if one or more of the parties has a sentimental attachment to the piece.  If you and your spouse invested in art and other collectibles during your marriage, you may need help appraising that work and coming up with a fair settlement agreement. This is only one of the ways that having an experienced divorce attorney can prove invaluable to your case.

Determining the Value of the Assets 

During Florida divorces, all marital assets must be divided equitably. What qualifies as equitable, or fair, however, will depend on the asset’s value and the parties’ circumstances. Determining the monetary value of artwork can be complicated and because the assets are so unique, typically requires the assistance of an expert appraiser who will assess the current market value of each piece. For spouses who agree to hire a single appraiser, one valuation is usually enough to proceed with a settlement agreement. If, however, the parties don’t agree on this issue, then it will be necessary to hire separate specialists, both of whom will submit appraisals to the court, which will then be tasked with deciding the value of the pieces.

The Fate of Your Artwork Upon Divorce 

When couples purchased artwork for investment purposes, they are often more than willing to sell those pieces upon divorce and to split up the proceeds equitably. In other cases, one or both spouses may wish to keep the artwork so that it can continue to increase in value. In these situations, courts will typically divide up the assets so that each spouse retains a piece of equivalent value. Things can, however, become more complicated when the value of the artwork in question is primarily emotional for one or both parties. Again, courts are driven primarily by what is fair in these situations, which means that they may be willing to award a particular piece of artwork to one party for sentimental purposes, but if they do so, will also ensure that an asset of similar value is given to the other party.

Here to Help with Your Divorce and Property Settlement 

If you and your spouse invested in artwork during your marriage and you have questions about how those assets will be valued and divided upon the finalization of your divorce, feel free to reach out to our legal team for advice. Dedicated Florida property division lawyer Sandra Bonfiglio, P.A. is well-versed in the kinds of unique issues that art aficionados face when trying to divide up these valuable assets. Let us put our experience and resources to work in your own case by calling our office at 954-945-7591 and setting up an initial consultation today.

Sources: 

flsenate.gov/Laws/Statutes/2018/61.075

forbes.com/sites/jefflanders/2011/04/12/understanding-how-assets-get-divided-in-divorce/