California is the perfect state for wealthy individuals to enjoy a Mediterranean-like environment. Sometimes, however, these people must unfortunately go through the divorce process. It’s understandable to protect certain assets in a divorce. Some of these assets can include valuable works of art.
Work with your ex-spouse
Depending on the nature of your relationship with your former spouse, things might be agreeable enough that you two can still work together. If some or all of your art collection is at stake, bargaining with your ex-spouse can help you save your most treasured pieces. You can think of this situation as a way to trim down your art collection.
Create accurate records of your art collection
In life, it’s always good to take accurate records. This skill can prove especially useful when getting divorced. Documenting the details of your art collection is also helpful if something out of your control damages your artwork, such as an earthquake, flood or fire. Keeping records of your art could also be beneficial if someone commits theft and steals your art. Records are also useful during the estate planning process if you plan on leaving art behind to beneficiaries.
Determine when you acquired your art
It’s also beneficial to find documents containing the dates you originally purchased your art. Any artwork purchased during your marriage can be subject to division. However, art pieces you purchased before marriage are rarely divisible in a high-asset divorce. If you and your former spouse separated, art purchased during this time also isn’t typically subject to division.
It’s impossible to guarantee any asset’s safety, especially during a contentious divorce. Fortunately, this situation doesn’t mean you have to lose your art. Work with an attorney to ensure the best outcome.