Dissolving a marriage in Texas can be difficult no matter how much or little a couple’s assets are worth. However, the more they are worth, the more problems are likely to erupt. This is particularly the case for high-net-worth couples who have expensive artwork they must divide as part of their divorce proceedings.
Artwork has increased in value over time. Thus, spouses who own the works of such artists as Warhol and Picasso have a lot to lose if property division does not go their way. The ideal situation when dealing with these types of high-value assets is for both spouses to come together and negotiate how to split them.
Through negotiation, the couple may be able to reach a settlement that satisfies both parties. For instance, perhaps one spouse decides to keep the house while the other party keeps the artwork. After all, in some cases, highly valuable works of art are pricier than the homes in which they are housed.
If negotiation does not work because the couple cannot see eye to eye on how to divide the works of art, they have no choice but to go to divorce trial. At trial, each party will make his or her case for why the artwork should be split in a certain way. A judge in Texas will ultimately decide how the artwork and other assets are handled. Whether a spouse goes through negotiation or has to go to trial, an attorney will strive to ensure that his or her best interests are upheld at every stage of the process.
Source: townandcountrymag.com, “In a High Profile Divorce, Who Gets the Art?“, Julie Belcove, Jan. 10, 2018
