It’s no secret that getting divorced in Chicago can be stressful and emotional, especially when high-value assets are on the line. This is why divorcing couples need to understand how the law works to protect their assets.
When it comes to high-asset divorces, art collections often come into play. Artwork can be worth a great deal of money and is often subject to division during divorce proceedings. To ensure that your art collection is properly protected, there are several steps you can take.
Determine the value of your collection
Before anything else, you must determine the exact value of each piece in your art collection. Knowing what each item is worth will help inform your decisions during divorce and ensure you don’t get shortchanged.
Create a prenuptial agreement
Creating a prenuptial agreement can effectively protect your art collection in divorce. A prenup should clearly outline how assets will be divided and give you peace of mind that everything will remain as is if the marriage doesn’t work out. It should also include language that addresses the specific details of your art collection, such as ownership and any restrictions on its sale.
Create a detailed inventory list
Creating a detailed inventory list of your art collection is also important. This will help you track which pieces are yours and each item’s estimated and actual value. Having an organized list can make it much easier to negotiate during the divorce process.
Consider obtaining a loan against your artwork
If you’re worried about losing control of your art collection during divorce proceedings, you may want to consider obtaining a loan against your artwork. This will allow you to keep ownership of the pieces while still ensuring that you have access to their financial value.
Avoid transferring items to third parties
It’s important to avoid transferring any of your artwork to third parties, even if you trust them. This could be used against you in court and could result in the loss of your art collection. If you must transfer any pieces, document the transaction and keep records in case they are needed in court.
High-asset divorce can be difficult, but understanding how to protect your art collection can help ensure a fair result. With the right guidance, you can rest assured that your precious art collection will remain safe.