During your marriage, you and your spouse may have invested in several expensive art pieces and other collectibles. If you are getting a divorce, it can be difficult to determine who should keep which items. Art pieces can be highly valued for emotional reasons, as well as financial ones.
In an equitable distribution state like Florida, these valuable assets are distributed “fairly and equitably” between divorcing spouses. Before the court can decide how to divide up the artwork in a divorce, it must first determine the value of each piece of art.
Determining the monetary value of art
The first step of the property division process during a divorce is often determining the value of each asset by scheduling an appraisal. The value of a piece is often decided based on the current market value of the piece.
If you and your spouse agree on the appraiser, you will only need one appraisal. However, if you do not agree, you may each need to schedule separate appraisals with different appraisers. You may then submit both appraisals to the court.
If there is a dispute, the court may order the parties to sell the artwork to determine the value of the piece.
If the parties are would rather keep the piece, they can determine the value of the piece on their own by choosing to average the two appraisers’ values to come up with a final value. The parties may also choose to go with one of the two appraisals or seek a third appraisal.
Once the value of the piece has been determined, the court will consider the wishes of the parties and several other factors before deciding who will get the piece. If the piece is sold, the court may divide the proceeds between the spouses.
