In Texas high-asset divorces, collections of art are often at issue. It can be difficult to value them, and their value o may exceed that of the homes in which they are displayed. There are things that people can do to protect themselves before they get married when one spouse has a significant art collection.
Many high-profile couples sign prenuptial agreements before they get married in an effort to protect the assets that they have prior to their marriages. Prenuptial agreements may address art collections that a person already owns. However, when more pieces are added to the collections during the marriages, there may be an issue.
Art that is purchased with separate funds that one spouse had before the marriage may be considered to be that person’s separate property. If the spouse instead purchases artwork out of a joint account, the art is likely to be considered marital property that is subject to division. Deciding how to divide the property can also be an issue. Some people may not want to divide their collections or to sell them, and it may be hard to determine what other assets that they have that might equal the value of the collections.
Dividing property in high-asset divorces can be very complicated. People may have amassed substantial assets, and some may be hard to value. Family law attorneys who are experienced in handling these types of complex issues might work with estate valuation experts, appraisers and other professionals to try to properly value the assets. They may also work with forensic accountants to uncover assets that a spouse might have hidden in an attempt to avoid dividing them in their divorces.