Credit: Sira Anamwong/Shutterstock.com Valuing Art in New York Divorces Remains a Nebulous Affair
Art is one of the more difficult marital assets to value as it is subject to different valuation standards. The often difficult and contentious valuation process was highlighted by a recent high-profile case, discussed here.
October 13, 2023 at 10:00 AM
9 minute read
In the context of a divorce, New York is an equitable distribution state (as codified in the Domestic Relations Law). Under longstanding case law, equitable does not necessarily mean equal. Assets of the marriage are first identified, then characterized as marital property (subject to equitable distribution) or separate property (not subject to equitable distribution) and ultimately valued so that the court can fashion an appropriate division. Valuing assets during a divorce is a fairly routine part of any matter.
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