Some people living in New Jersey like collecting all sorts of items. Certain individuals enjoy starting and adding to valuable art collections. If you own art and are going through a divorce, worrying about the future of your priceless pieces is understandable.
Create a prenuptial agreement if possible
A prenuptial agreement is a legally binding document letting each person in a marriage gain control over their separate belongings. Unfortunately, these agreements must be put in place before a marriage begins. If you already have a prenuptial agreement, and it mentions your art, there’s no major concern of it going to your ex-spouse in a divorce.
When you acquired art matters
Depending on how long you’ve collected your valuable art, you could have acquired pieces before your marriage. Fortunately, these pieces aren’t typically subject to division in a divorce. You may also have protection if you bought or sold art during a separation.
Contact a professional art appraiser
While you might be a fan of art, that doesn’t guarantee you know the worth of your pieces. That’s why many divorcing couples with potentially dividable art collections hire an appraiser’s help. An art appraiser can provide accurate values for each piece you own. After an appraiser completes their evaluations, you’ll clearly understand how much your pieces are worth. In some cases, giving up a few valuable works of art you don’t mind losing could let you keep your favorite ones.
Divorcing can be a stressful time. This situation becomes harder when you have valuable assets on the line. Assembling an accurate art inventory and getting a clear idea of each piece’s worth could help you hold onto the most important parts of your collection.