Spouses with a valuable art collection may need to consider dividing it when ending their marriage. Under Florida’s divorce laws, each individual has a right to a fair share of assets acquired while married.
If one spouse wishes to keep a prized painting, for example, it may need valuing, as explained by the Artwork Archive’s website. Once an appraiser calculates its worth, a couple can use its valuation when dividing other assets.
Taking inventory of collectible assets
While taking an inventory of shared marital property, artwork may fall into a separate category that includes other complex assets. These properties generally differ from a couple’s real estate and financial accounts.
As noted by the CPA Journal, collectibles include jewelry, wine and rare coins or stamps. The IRS classifies rugs, gems and other “personal tangible property” such as antique cars as collectibles. If acquired while married, these collectibles generally belong to both spouses.
Selling assets and dividing the proceeds
After couples have completed an inventory of their artwork, antiques and other collectibles, they may decide to sell them. A professional valuation may provide a dollar figure that aids in deciding on a private sale or an auction.
The Sunshine State’s divorce laws, however, generally require spouses to split the sale proceeds fairly. Spouses may also work out an agreement regarding how much money each may receive after the sale. The agreement may take into account applicable listing fees and taxes.
Couples may divide their collectibles during their divorce and include the cost needed to protect their assets, such as insurance. If a spouse wishes to take ownership, he or she may need to show sufficient income to support their ongoing maintenance. A sale, however, only requires sharing the proceeds fairly.