Next to child custody and parenting time issues, division of property is a hotly contentious issue in divorce. While splitting up the money in bank accounts and investment portfolios may require little more than a few punches of the calculator, dividing personal property — such as artwork, collectibles, and antiques — remains a consistent source of aggravation for many divorcing spouses. Nostalgia and sentimentality may cloud parties’ willingness to come to workable agreements and bring divorce proceedings to a close.  These are issues that keep some people divorced “to” each other, rather than “from” each other.

Fair play?

Unless parties acquired the art or collectibles before the marriage began, such items are divided using a principle called “equitable distribution”, which is generally a 50-50 proposition.

To divide or distribute such property, its true worth must be determined.  If the parties cannot agree, then it should be done by a qualified, professional appraiser. If the valuation seems skewed, it may even be necessary for each spouse to hire a separate appraiser.

Split or sell?

Since art, collectibles, and heirlooms are generally one-of-a-kind pieces of property, spouses must choose one of two options. On one hand, they can try to come up with a fair approach through which each spouse takes different items, with their monetary and sentimental value in mind. When agreements using this approach remain elusive, couples may need to sell artwork and collectibles and divide up the proceeds in a similar manner to homes, cars, and other assets.

When spouses are artists

As a final matter, in marriages or partnerships in which one or both individuals are artists, musicians, or authors, creative works and their associated copyrights and licensing agreements generated during the marriage are considered marital property, fully subject to equitable distribution. Each spouse enjoys a claim to it, regardless of which partner actually created it.

Conclusion

Splitting up can be a painful process, exacerbated when exes-to-be force each other to part with precious belongings. As in most divorces, the assistance of a caring, vigilant New Jersey family law attorney is critical to a positive outcome.  Please call or write to us.  We may be able to help you avoid the pitfalls and end the relationship in relative peace.