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2 steps on how to divide artwork during a divorce

When a married couple decides that they want to get a divorce, they may underestimate the scope of what assets there may be conflict over. For example, while the separating Colorado couple is focused on the larger, more apparent assets in the divorce proceedings -- such as the house, the car, etc. -- they may overlook assets such as artworks. In an effort to avoid disputes over who gets which artwork, there are a two vital steps the couple can use to help settle the issues.

First of all, the couple would do well to make an inventory of each piece of art that both persons want. Naturally, pieces bought before the marriage should be detailed because those specific works are likely not considered marital property. The couple can then begin to decide which pieces they would like the most, and they can attempt to make an agreement.

Second, they would benefit by seeking the help of an appraiser so that they can know the true value of the artwork that they own. After learning their value, it may be easier to negotiate who gets which piece. This is especially true if one spouse is more willing to give up another asset that the two have been negotiating over in exchange for ownership of the specific artwork.

Ultimately, while each separating Colorado couple would like to have an amicable divorce, sometimes it just is not possible. If artwork is a property division area that the couple is particularly fighting over, then the aforementioned two steps should help to ease some of the aggression. Moreover, professional assistance is available in our state in order to provide guidance so that the couple may seek an optimal result.

Source: The Wall Street Journal, "Tips for Dividing Art in a Divorce or Death", Daniel Grant, Sept. 21, 2014

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