After deciding that divorce is the most favorable choice for you and your partner, you have several decisions to make together and separately. For instance, how should you two divide art pieces?
The American Bar Association may have the answers you need. Determine how to arrange a fair and legal split of assets.
Factors to consider
You and your soon-to-be-ex must think about several factors when deciding what to do with your artwork. For instance, were pieces gifts or part of an inheritance? Did you or your ex buy a piece during your marriage or before? Are pieces worth more now than when you or your former partner bought them? You must also consider Rhode Island’s status as an equitable distribution state.
Marital and non-marital property
Any artwork bought or created during your marriage likely qualifies as marital property. Anything created or purchased before the marriage probably qualifies as non-marital property.
Do not forget to consider future profits or artwork’s increasing value over the years. One potential solution is that either you or your ex-spouse owns the copyright for a specific piece while the other person retains the actual artwork. You and your former partner can work together with a legal professional to decide the most favorable way to distribute art in a way that satisfies you both. One good thing about splitting art in a divorce is that hard-and-fast rules do not always apply; courts are not always clear on how to handle this aspect of asset distribution. The two of you may also want to turn to a professional in the art world familiar with your situation to help you develop a viable solution.