Many Kentucky couples spend years, if not decades, building up their assets. However, when a couple who has an estate worth millions or billions, those assets will have to be divided up between both parties. When it comes to artwork, determining their worth can be extremely difficult as their worth is usually estimated.
Artwork’s monetary worth, like the value of certain real estate, can fluctuate based on its age, artist and other attributes. In some cases, the value of certain artwork has only gotten higher. For some collector’s, the value of the artwork even hinges on the home where it is hung, meaning removing the artwork could have an impact on its value. At the end of the day, the actual value of the art will not be known until it is sold.
Art is always dealt similarly to other assets when a couple is divorcing. This means that, if the art was purchased during the marriage, it is considered to be marital property and must be divided up along with the rest of the property that was purchased while the couple was married. If the art was purchased before the marriage, it would be considered sole property and would not be divided up. However, art lovers may want to keep detailed records of ownership in the event the marriage goes south.
All divorce cases are different, especially when it comes to high asset divorce cases. Even when a prenuptial agreement is in place to protect artwork or other assets that have estimated values, dividing up assets can be a difficult and emotional process, especially if the former couple was married for decades and built a life together. A family law attorney may review a prenuptial agreement and try to either have it enforced or not based on whether or not a spouse was fully aware of the terms.