Valuing art as part of marital assets in divorce

Wisconsin artists who are getting a divorce should be aware that artwork created during the marriage counts as a joint marital asset. This could apply to writers and filmmakers as well as visual artists, as copyright is included in this assessment. Attempting to conceal these assets may lead to the other spouse being awarded anywhere from half to the full value of the art.

However, as with all marital assets, negotiation might be possible. One solution may be to work out arrangements that allow the artist to retain rights or decrease their payments to the other spouse over time. For example, one spouse could attempt to keep ownership of their work while giving their spouse a half-interest in royalties. Another example is giving one’s spouse a percentage of revenue and decreasing this percentage over time.

Unsold artwork may largely have speculative values, and in some cases, these pieces might have a higher value for the artist than for the artist’s spouse. In such a case, the other spouse could agree to exchange other assets for the artwork. For example, an aspiring artist who has only sold a few paintings and was only married for two years might be able to keep all rights to the work in exchange for the jointly owned car. On the other hand, a filmmaker married for a decade with children and a large body of work may have to deal with more complexities.

Artists and their spouses might want to work with attorneys to negotiate property distribution. There may be a great deal of variation in how this is handled, depending on the artist’s career and the length of the relationship. An attorney can examine a couple’s specific case and advise their client on the best course of action to take regarding property division and other divorce-related issues.

Source: The Huffington Post, “ For Artists, Divorce Means Splitting Up the (Art) Assets ,” Daniel Grant, March 3, 2015