Divorce lawyers who represent high net worth clients must determine and understand their clients' assets, including the nuances associated with those assets. Two asset types that can be underestimated in their complexity in divorce are digital assets and art.
Digital currencies, or cryptocurrencies, pose a challenge in divorce cases because they can be more easily hidden or undisclosed, are sometimes difficult to value and are continuously evolving. While collecting art is not as novel as cryptocurrencies, its increased commonality as a marital asset certainly is. Thanks in part to social media, pop art, celebrity culture and the branding efforts of artists, there has been a rise in art collecting beyond traditional, large-scale collectors. Its financial utility has grown such that you can now partially invest in a Warhol painting with bitcoin or secure a bank loan with your art collection.
Writing for Bloomberg BNA, Judith Poller, co-head of Pryor Cashman's Family Law Group, and Paul Fotovat explore the intricacies of these unique assets and offer guidance on how divorcing parties and their representatives can properly assess their value.
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