In high-asset Ohio divorces, couples often have much to consider and decide, including dividing their assets.
In some divorces, this includes significant art collections. Art is not only a decorative item. It represents substantial financial value and can have enormous emotional significance for an individual or a couple.
Fair distribution laws
Under Ohio’s property division laws, judges divide their marital property fairly but not equally when a couple divorces.
Marital or separate property?
The first and most important question is whether the art belongs to one spouse or both. Whether it is subject to distribution by the court.
Marital property includes items that either spouse gained during the marriage, no matter whose name is on the item.
Separate property includes anything a spouse owned before marrying or received as a gift or inheritance.
Potential complications
However, even where an item is a separate property, complicated factors can arise, such as appreciation value during the marriage or any joint funds used to maintain and enhance the artwork. These can influence how the court classifies the items.
Negotiation
Most courts and attorneys encourage the parties to negotiate through their attorneys. This way, they will most likely settle on something they are both satisfied with.
If the couple cannot negotiate the matter and goes to court, the judge will determine if the art is subject to division. If so, they will decide how to divide it.
Remember that dividing art is more than an object; it is about the passion, emotional connection, and consideration of future resale tied to each piece.