Ryan Family Law, P.C.
Ryan Family Law, P.C.

Elgin, Illinois

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Pricey artwork causes problems settling high-profile divorces

Art collections discussed among high-profile divorces cases in recent national news postings may have some Illinois residents considering their own costly artwork. One prominent couple who filed for divorce in 2018, has yet to reach a settlement on several pricey marital property issues from their extensive art collection to expensive real estate.

The couple was married in 2005 and have two children for which custody arrangements have also not been determined. Their art collection alone is worth a great deal of money, and the couple is having trouble dividing the costly possessions obtained during their marriage. The judge hearing this case has requested that the couple consider numbers rather than specific property divisions. As far as child custody proceedings, the father in this situation refuses to approach the matter of his children until a financial agreement is settled upon.

Sources involved in this divorce case speculate that some marital assets may have been hidden in offshore companies. Members of the extended family are heavily involved in the business art world. In light of this, another issue to likely be decided during the court proceedings is whether the artwork is considered business holdings or a collection primarily for personal enjoyment. There will likely need to be an appraisal and many more questions answered before decisions are finally made.

When it comes to high-stake property division during a divorce, it can take a great deal of negotiation before settlements occur. Attorneys who understand family laws of the state can often assist couples with mediation and helping to reach agreements before the case is heard in court. It is important that each party is properly represented by their own attorney.

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