For art lovers, an art collection is much more than an assemblage of art. It is an emotional connection, a source of pride and joy, and a representation of their investment in the world of art. Fine art may also be one of the most valuable assets a person owns. If you or your spouse have an expensive art collection and you plan to divorce, it is important that you understand how the artwork will be handled during the property division phase of the divorce process.
Classification and Ownership of Fine Art in a Divorce
Fine art may be classified as marital property or non-marital property in a divorce. If a spouse owned a piece of art before getting married, the artwork is typically non-marital property. Art may also be classified as non-marital property if it is excluded from the marital estate through a prenuptial agreement. If a spouse purchased or received a piece of art during the marriage, it may be classified as marital property in an Illinois divorce. If artwork is a marital asset, both spouses have an ownership interest in it, and the spouses will need to divide the value of the asset between themselves during the divorce.
An Accurate Appraisal is Crucial
Before any artwork can be divided between the spouses, it is important that the art is properly valued. Art appraisals should be performed by a professional and should consider factors like size, age, condition, artist’s reputation, and overall market demand. Any appraisal used in an Illinois divorce should reflect the current fair market value of the art.
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