Dividing High Value Items in Divorce: Art, Rare Collectibles, Antiques, Yachts, Jewelry

Description

Parties who have carefully selected and curated valuable artwork, antiques, cars, boats, or rare collectibles during their marriage may be unable to resolve who should keep this valuable property after the divorce. Those items may also represent a significant percentage of the couple's wealth.

With such high-value assets, the parties and their counsel may dedicate an extraordinary amount of effort on whether an item constitutes marital property. Counsel must prepare for arguments over the timing of the acquisition, the source of funds for the acquisition, and whether the asset was acquired by the sale of a premarital asset.

Unlike other kinds of property that have a recognizable and broad market, high-value art and collectibles have a specialized, subjective, and more narrow audience who may be accessible only through experienced experts. Special care is required to recognize and appraise these types of assets properly, and often experts are difficult to retain. Further, the sale of an appreciated asset may trigger unexpected tax consequences that have to be factored into the global settlement, tax planning, and estate planning.

Listen as this panel, well-versed in the intersection of art (and other collections) and divorce, translates these complex principles into practical guidance, and prepares counsel to address these issues head-on both in negotiation and court.