Spouses filing for divorce in a Texas family court must consider many serious matters. Divorce involves more than changing one’s status from married to single. Financial matters require addressing, including the division of community property. Marital assets can include many different items of value, including an art collection.
Art collections and divorce proceedings
An art collection could be worth a substantial amount of money, and those who did not protect the collection with a prenuptial agreement could draw up a post-nuptial agreement. However, a spouse has no obligation to sign a post-nuptial agreement. The art collection may become subject to division in court when spouses file for divorce.
When considering how to handle an art collection during a divorce, it’s essential to take certain steps. A thorough inventory of all artwork and obtaining an appraisal can aid in the process. It’s also wise to differentiate between pieces acquired before and after the marriage.
Not all divorce proceedings will end via a trial. An amicable divorce may conclude with both parties agreeing to the terms of the dissolution. During settlement negotiations, each party can negotiate for the assets they wish to keep and what they wish to divide. The spouses might agree on dividing the art collection or splitting it.
Divorce negotiations could conclude in numerous ways. Someone heavily attached to an art collection might be willing to part with other property to retain their rare collectibles. Others might prefer to sell the artwork outright and divide the proceeds. Both parties could work to an agreement both prefer.
If divorce settlement negotiations prove challenging, mediation may lead to a resolution. While mediation is not binding, the process might move the parties in an agreeable direction.