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
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