Gregg R. Lewis

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Gregg R. Lewis
Trusted Family Law Services In Columbus

How is art valued in a divorce?

On Behalf of | Jan 16, 2019 | Complex Property Division |

If you are an artist or a collector of art in Ohio and going through a divorce, you will soon discover the challenges that come with dividing martial property. You will have the chance to try to come to an agreement about the division of property before the court steps in. In any case, you have to get your property valued before division to ensure and equal and fair process. This is where it may get tricky with art pieces, especially if you are the creator.

The Huffington Post notes the most important thing to keep in mind is that you must have your art valued by a professional. The court will not be happy if you just say a piece is worth this amount. It wants to see a professional evaluation of the value. You and your spouse need to agree on the person who will do the evaluation.

Even when using a professional there may be some difficulties coming to a value for an art piece. If it is a famous piece of art or a piece created by a professional artist, it will be the easiest to value. However, if you created the art piece, it can be tough. If you have not sold your art before or the piece has not been on exhibit, its value may be hard to determine. If you have a licensing deal for your work, this also makes things a little tricky since the licensing agreement must be divided as an asset.

You should keep in mind that you cannot sell or exhibit any art during your divorce. You need to hold onto any art pieces until after the divorce is final. This information is for education and is not legal advice.



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