Divorce can bring on all sorts of complicated problems. While most of us may never experience the stress that accompanies parting with priceless pieces of artwork, like an original John Singer Sargent or a rare Monet, for others this is very much a reality. That is why art lovers in Minnesota readers may be interested in a recent story involving high-asset property division during a divorce.
When a former Microsoft executive and his art-collecting wife decided to divorce, the couple was presented with the challenge of dividing many high-value assets, the most significant of which were numerous pieces of original artwork. The couple had acquired an art collection valued at $102 million, according to the court. While the couple was able to divide the remaining items in their estate in a relatively easy fashion, the art proved to be a sticking point. Twice the couple tried to divide the assets without the intervention of the family law court, and twice they failed.
The judge initially seemed more lost than the couple when it came to valuing and distributing the property. Eventually, however, the judge moved forward with a way to effectively and fairly split the art collection. After requesting the couples describe in writing exactly why they wanted various pieces, and what their overall interest in the art was, the judge developed a system that addressed the concerns of each party.
Just as it's necessary to have use creativity when painting a masterpiece, dividing contested or highly-valued property also requires that kind of know-how. In this matter, the wife was more interested in certain pieces for their artistic and sentimental value, while the husband was looking to secure loans and fill wall space. With a little patience, the judge and the business-savvy couple were able to split the collection in a satisfactory way.
Source: Seattle Times, "The art of divorce: She gets the Monet, he gets the Renoir," Ken Armstrong, July 28, 2012
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