In a High Profile Divorce, Who Gets the Art?
Town and Country Magazine had a recent article on the subject of art collections in a divorce and who get them -
"Legally speaking, art acquired during a marriage is “no different from pots and pans,” according to New York divorce lawyer Bernard Clair. If the warring parties cannot agree on an equitable distribution, one obvious option is to hire appraisers to then haggle over the division. It’s a subjective process, as evidenced by the Macklowes, and one that is often “hotly litigated,” says lawyer Brett Ward, who recalls one case dragging on for years. “Art valuation is crap,” says Clair, who represents Melissa Schiff Soros. “The only way to determine value is to sell it.”
For art lovers who want to keep their collections intact and in their possession, rule number one, lawyers agree, is to put them in the prenup. Prenups have long been used to protect artworks that one spouse already owns or stands to inherit, but lawyers say people are increasingly writing provisions that establish a framework for dividing art acquired during their marriages."
The full article is here.
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