How do you divide up an art collection during your divorce?

On Behalf of | Jul 4, 2023 | Firm News |

When you’ve been married for some time, you’ve built a life together that includes buying things you both benefit from. From big, practical purchases like cars and houses to those which decorate life such as jewelry and artwork. 

If you’ve accrued a significant amount of artwork during your marriage, or even just one piece that’s of significant monetary, or even sentimental value, how do you figure out what to do with it when you divorce? 

Nebraska is an equitable distribution state 

What this means is that the court will make a determination as to what is fair when it is involved in dividing a divorcing couple’s property. This doesn’t always mean that items are split 50/50. The court will take into account a number of factors before reaching a decision that it believes is fair to both parties. 

You need an inventory of all your pieces 

If you don’t already have one, this needs to be done before any distribution or sales can take place. It’s important to note when the piece was bought, i.e. was it purchased by you before the marriage or did you buy it together? The judge will take this into consideration when deciding how to divide it. 

If you do not currently know what the pieces are worth or they are due for an updated valuation, this will also need to be done. An expert can advise on how much each piece is worth. 

Unfortunately, while these pieces may mean the world to you, they are simply assets to the court. Each one will have a monetary value and the court will decide how to fairly divide them. If there is just one piece you have, the court may order it to be sold and for the value to be shared between both parties. 

Having legal assistance while you go through the divorce process can make answering questions like this much easier while providing you with the support you need.