Updated February 11, 2021
What is Art?
If you have a serious art collection, you know what that means so we won’t try to explain that here. For the rest of us, who probably just have a few decorations we’ve collected over time, while the painting you did at wine and paint night is beautiful, it’s probably not worth mentioning in your divorce. Neither is the dreamcatcher you bought at CVS or the Star Wars poster from Walmart.
🤔 Understanding how Art affects your divorce.
Real Art acquired during the marriage is usually treated as marital property. Assets acquired by one spouse but which the other spouse uses regularly during the marriage may also constitute marital property. You and your spouse will need to make the identity of each asset clear. You will also need to determine the present value of your assets to help you determine how to divide the overall value of your marital estate between you. If the asset is encumbered by a loan, you will need to identify the loan account number, the name and location of the lender, the loan balance, and the amount of the monthly loan payment.
As you consider how to divide the assets acquired during the marriage, it’s best to take into account the purpose and primary user of each asset.
Jerry has a “Dogs Playing Poker” print hanging over the fireplace and really wants to keep it. Sally recognizes that not only is the print something she doesn’t want, but it’s not worth enough to mention in the divorce so she agrees.