One of the most complex parts of divorce is the division of property. This can go one of two ways: if the parties are amicable, they may agree without needing the court’s involvement. However, if the parties are non-amicable, the court will step in to help.
Marital or separate property?
In New Jersey, all property is divided into one of two categories: marital or separate. If the parties do not reach an agreement, the courts can distribute marital property.
However, items that a spouse received or purchased before the marriage typically qualify as separate property and are not subject to distribution by the court.
Exceptions
If one spouse purchased a piece of art before and during the marriage, it appreciated significantly; the court may take that amount and subject it to division.
Valuation
After the couple inventories and acknowledges the piece of art, an important process has to happen: hiring an expert to evaluate the property.
This is especially important if the court deems the art marital property or if the item’s value has appreciated significantly over the years.
Meaning
Another critical factor in determining ownership is the meaning behind the purchase or receipt of the piece of art. For example, is a family heirloom that has been passed on over generations in one side of the family? This determination can be easier if both parties purchase the artwork during the marriage.
Negotiation and Mediation
Your attorney will be a key member of your divorce process team. When it comes to important items or things that are valuable to you, it is best to have the attorney attempt to negotiate or mediate the matter outside of court.
Ultimately, how the court divides art or how you and your spouse choose to divide its value hinges on both legal precedent and the circumstances of your divorce. Remember to enter negotiations in good faith, as that ultimately comes back to you twofold.