As a New York resident, you may have a significant art collection, and an art collection of that nature can often times be both a major part of your life and a valuable group of assets. And during a divorce, an art collection will be under the microscope.
Safeguarding your art collection during the end of your marriage may not be easy to accomplish. But there are certain things you can keep in mind in protecting your art collection to the best of your ability.
Prevention is the best way to protect your art collection
As with many aspects of protecting your assets in the event of a divorce, your best approach is a preventative one. Specifically, a prenuptial agreement can ensure that your art collection isn’t on the table when you divide assets during divorce proceedings.
A prenup for art assets works very similarly to most other types of major assets. But keep in mind that it’s possible to structure a prenup so that art items you acquire during the marriage are protected in the same manner as art you owned prior to the marriage.
Protecting your collection during the divorce
Even if you didn’t get a prenup dealing with your art collection, there are ways you can minimize the risk your collection is exposed to during a divorce. One of the biggest ways is by cataloging your collection carefully. You should be able to present an account of any artwork you had obtained prior to the marriage, as the court may look on those pieces in a different way than those you acquired during the marriage.
Beyond that, keep in mind that the courts will tend to treat art collections strictly by their monetary value, with little regard for sentimental or personal feelings associated with them.
If you own artwork with great personal meaning, it may be necessary to bargain other martial assets in order to make sure you’re able to keep as much of your art collection as possible.
As a general rule, art collections will be treated by the courts in a similar fashion to other significant assets. Protect your art collection like you would any other high-value property.