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TX divorce lawyerWhen considering divorce, many couples go into the property settlement process with the expectation that they will be required to parcel out certain personal possessions, decide who will retain the family home, and divide up the contents of any bank accounts. However, this task becomes much more difficult for couples with unique or costly assets, such as fine artwork, which can be difficult to appraise. Fortunately, the advent of digital valuation tools has made this process simpler, although divorcing couples are still encouraged to obtain an in-person appraisal from an expert before going forward with the property division process. To learn more about the different methods of asset appraisal available to you, please contact an experienced high asset divorce attorney who can advise you.

Appraisal Factors

Appraising fine art tends to be difficult, as it can actually have a number of monetary values. These values are determined primarily by assessing the market in which the work was sold or is to be offered for sale, which includes galleries, auctions, and art fairs. Appraisers then evaluate the data derived from sales of comparable items in similar galleries to determine a rough approximation of a piece’s value.

When selecting artwork with which to compare a piece, appraisers consider a variety of factors, including:

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Texas divorce lawyerMany couples who get divorced are able to agree on who will retain what property. However, the more unusual assets and collectibles a couple has, the harder it becomes to appraise them and determine who should retain ownership, especially when an item has an extremely high value or has a special meaning to one of the spouses. While this could include jewelry, as well as antiques, more and more families are investing in artwork, which means that in most cases, if the couple divorces, the property will need to be divided equitably.

Appraisals and proof of purchase are critical to the outcome of these types of conflict, as courts consider property obtained prior to a marriage to be the sole property of the original owner. Even when a piece of art was purchased after divorce, one party could have a strong claim to it if it was given as a gift or was part of an inheritance. Because dividing unusual assets, such as artwork, is so difficult, retaining an experienced high asset divorce attorney is critical to ensuring that all of a couple’s property is fairly and promptly divided upon divorce.

Preparatory Steps

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The Law Offices of William D. Powers

8911 N. Capital of Texas Highway, Building 2, Suite 2105, Austin, TX 78759