Divorce is a difficult process under the best of circumstances. When you add Colorado art collections into the mix, things can get even more complicated. If you are an artist or own artwork that has significant value, it’s important to take steps to protect your collection in case of a divorce.
Have a prenuptial agreement
A prenup is a contract that establishes how assets get split in the event of a divorce. That means that any artwork that got acquired before the marriage is typically considered separate property and should be handled in a prenuptial agreement. This creates a legally binding document that outlines who owns which pieces of art, so there is no question about it in court if the worst happens.
Document everything
It’s best to have documentation of all of the artwork in your collection. This includes photos, appraisals, purchase receipts and any other paperwork that can establish its value. Having this proof on hand should help to protect your art collection during a divorce.
Get appraisals
Getting an appraisal for each piece of artwork can help to establish its value. An appraised amount can then be used in case of a divorce settlement or in court to determine who should get which pieces of art. This will also make it easier to divide the collection if necessary.
Make sure the artwork gets insured
It’s important to make sure that all the artwork in your collection is insured properly. If it’s not, you could be left with a financial burden if something were to happen to any of the pieces. Make sure to get an insurance policy that covers any damages or losses that may occur due to theft, fire or natural disasters.
If you and your spouse can’t come to an agreement about the art collection, then it will have to get settled by a court. In that case, it’s important to have all the documents and appraisals in order so the court can make a fair decision about who should get which pieces.
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