Difficulty in agreeing to property division settlements can often be the reason that many Illinois divorces extend out over long periods of time. The presence of a significant asset portfolio can make things even more complicated. It can be a challenge to obtain accurate values on some items such as jewelry or artwork. How do you appropriately identify the worth of your art pieces and determine which spouse will receive which item?
Depending upon your connection to a piece of artwork, you may wish to keep it simply because of your love for the piece or even for sentimental reasons. Nonetheless, a value must be identified if the piece is considered marital property. The value will then be used toward creating an appropriately equitable settlement of your entire estate. If your spouse also wants the piece, the value can be an important piece of information in determining its final ownership. Your spouse may be more willing to let you have it once this is determined.
The Artists’ Fine Art Gallery explains that valuing fine art relies heavily on many subjective elements. That said, there are some objective factors that can be utilized. The amount of money that a collector, a gallerist, a dealer, or a curator is willing to pay for a given piece of artwork can go a long way toward determining its value in your divorce. The potential price tag on artwork will also be influenced by critics which, in today’s world, really live on social media.
You can learn more about how assets are valued and property is divided at our Illinois marital dissolution website.
