William C. Gentry, Attorney at Law
Call Today for a Free Initial Consultation
770-884-4171 888-365-5983

Marietta’s Pre-Eminent Family Law Firm

Complex Legal Issues Deserve Bold, Intelligent Representation

Call for A Free consultation
Attorney

Property division in divorce: What about the art?

Getting a divorce is a complicated process. In addition to filing the paperwork to initiate the divorce proceeding, the couple must go through negotiations on property division and, if children are present, navigate issues involving child support and child custody.

Even when children aren't present, the process can get complicated quickly. Asset division in itself is a complicated process. After all, not all pieces of property can be totaled up and split in half.

How difficult is it to divide property during divorce? In some cases, splitting property can be easy. A savings account and investment portfolios can be split roughly in half, the value of a home or business can be estimated and accounted for. But what happens when the asset at issue is a piece of fine art?

Art can be a bit more complicated. This is especially true if the artwork in question was created by a spouse.

This can cause for some contentious debates. After all, as noted in a recent piece in the Huffington Post, artist rarely see their work as property. The courts do not agree. Instead, artwork is viewed as marital property. As such, it is part of the asset division determination proceeding.

There are some exceptions. Anything completed or purchased prior to the marriage is generally exempt.

How do you split art? Clearly the work cannot be physically split. Art needs to be valued before a split can be determined. Instead of splitting the artwork, the value will be shifted around with other assets to come up with a fair split.

The valuation is generally completed by a neutral third party, ideally one agreed upon by both spouses.

What about performance art? Actors, dancers and the like are also creating art. This art can also be subject to division. If, for example, the artist has produced films the ex-spouse may negotiate a portion of the royalties as part of the settlement agreement.

Determining the best way to split art during the property division portion of the divorce is difficult, and will vary with each unique divorce. As a result, it is wise for those in these situations to seek legal counsel to better ensure their interests are protected.

No Comments

Leave a comment
Comment Information

Call Us When You Need Outstanding Legal Representation

Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Attorney
William C. Gentry, Attorney at Law

Office Location

William C. Gentry, Attorney at Law
506 Roswell Street SE, Suite 240
Marietta, GA 30060

Toll Free: 888-365-5983
Phone: 770-884-4171
Fax: 770-422-1347
Marietta Law Office Map