During a Texas divorce, you and your spouse will need to divide all of your valuable property. If you have amassed a large amount of art and collectibles during your marriage, these items will also need to be divided. Aside from art items that are nugatory, or of an extremely low value, it could be difficult to decide who keeps what.
You might choose to divvy up the pieces to go to you or your spouse based on the value of the times. But before you start the divvying process, you first need to know what you have by compiling a detailed list of items.
When compiling your list of art, you'll want to write down some specific information pertaining to each art piece. This information includes the following:
-- The name of the artist of the piece.
-- The date that the art piece was created.
-- What is the medium of the piece? Is it a painting, sculpture, drawing, photograph, ceramic, weaving or some other kind of piece?
-- Does the piece of have a provenance? The provenance refers to where an expensive piece of art originated, and the list of previous owners.
-- Was the piece included in a museum art exhibit?
-- Make a note of the current condition of the piece.
The above information is important for proving the value of your art pieces. The information will also be shown in a financial affidavit showing your net worth.
Although some spouses may choose to divide their art pieces according to value, others may choose to liquidate the art and divide the cash proceeds from the liquidation. Ultimately, a Texas divorce lawyer can help you determine the most appropriate ways to divide art assets shared by you and your spouse during your divorce proceedings.
Source: Divorce and Your Money, "EP 107: What Happens to Art and Collectibles during Divorce?," Shawn Leamon, accessed May 11, 2017