Thursday, May 28, 2015

HOW TO DIVIDE COMPLICATED AND SENTIMENTAL ASSETS DURING DIVORCE

On behalf of Askvig & Johnson, PLLP 

When we think about high-asset divorce here in St. Paul, the division of complicated savings accounts, stock portfolios and real estate often come to mind. These are in fact major issues when some couples divorce, and they necessitate the attention of someone who is adept in these matters. However, the real trouble is often in dividing assets that have intangible value.

For example, a retired Microsoft executive recently divorced, and it wasn't the couple's large car collection, hundreds of millions of dollars in stocks, multiple homes or their impressive Victorian antiques that held up the division of assets--it was their art collection.

The two owned an art collection of almost 50 pieces, most of them 19th century American paintings, although they also had works by Pierre-Auguste Renoir and Claude Monet. While appraisers put the collection at $102 million, it was not exactly simple to just split the collection in half. And because both parties were attached to the art, neither wanted to sell the collection and split the proceeds. They tried at length to divvy up the paintings themselves, each ending up with about $51 million worth, but were unsuccessful.

Ultimately, a judge worked with the couple and presumably their attorneys to arrive at a satisfactory division. In the end, the woman received a majority of the pieces that she wanted most for sentimental and aesthetic reasons, ending up with 19 pieces. Her ex-husband satisfied his wishes with 24 paintings, which would cover the wall space he needed as well as count as collateral to secure a line of credit.

The division of one art collection into two is an illustration of just how much can be at stake in the division of a high-asset marriage. Art is personal and valuable, and its worth may sometimes depend on the scale and breadth of the collection it is in. Splitting something like an art collection straight down the middle, 50/50, is not typically fair or equitable.

It is important that high-net worth Minnesotans work with divorce attorneys who have experience in the intricacies of complicated property division. Such lawyers can call in specialists in order to ensure that a person's interests are protected throughout the proceedings.


Source: The Seattle Times, "The art of divorce: She gets the Monet, he gets the Renoir," Ken Armstrong, July 28, 2012

Wednesday, May 6, 2015

2015 Top Women Attorneys in Minnesota

Check out April's issue of Mpls St. Paul Magazine to see our very own Jill Johnson featured in the 2015 Top Women Attorneys in Minnesota list by Super Lawyers!!