It’s undoubtedly true that there are a million velvet Elvis paintings hanging on walls in American homes for every work from a timeless master that is similarly displayed.
There’s another way of stating that, to wit: Not everyone has millions of dollars available to spend on art.
Some people do, though, which can foster material complications in the event of marital difficulties and a couple’s ultimate decision to divorce.
What on earth do you do with, say, a confirmed Michelangelo sketch that is all too ready to assume center stage in property division negotiations?
You tally up its value and equitably distribute the proceeds in much the same manner as you do other assets, say commentators in a recent article focused on divorce-linked property distribution that features pricey art work.
It’s “no different from pots and pans,” stresses one pundit.
Our readers well understand that point, of course, but know that the comparison is, well, just a bit inapt.
Because if a divorcing individual or couple owns a recognized piece of high-value art, its sales price could well feature a number with multiple commas in it.
And that makes valuation and outcome critically important. If deemed as separate property, one divorcing spouse might reap the full value of spotlighted art. Conversely, its perceived worth will be fairly apportioned between soon-to-be exes if a court decides that a single piece or collection (of paintings, sculptures, whatever) is marital property.
A number of factors can go into that determination. They can be identified and persuasively presented by a family law attorney with proven acumen in aggressively representing divorce clients in high-asset property division matters.