Illinois fans of actors Johnny Depp or Amber Heard have likely read about the couple’s impending divorce. Depp plans to sell part of his art collection, but it is unclear whether or not it is related to the divorce. Preparations for the sale were underway prior to the divorce announcement. Furthermore, since Depp has been collecting the paintings since the 1990s, it is unlikely that Heard would have a claim on them. The couple resides in California, which is a community property state. This means that only assets acquired during the marriage are likely to be considered marital property and subject to division. The marriage lasted only 15 months.
If Depp intended to somehow reduce the value of the estate through the art sale, he might violate a standing order or antagonize the judge. It is important that people who are divorcing do not appear to be trying to unload assets for less than they are worth in order to avoid equitable property division with the other spouse.
Issues regarding the division of valuable items, including art collections, may be on the rise since divorce among older Americans is increasing. This age group is more likely to have accumulated more assets over the years.
Divorce can be difficult whether a couple has few or many assets. In either case, people should be careful about protecting their financial security. Some divorcees may agree to an unwise division of property because they want the process to be over with as quickly as possible. Working with an attorney may help a person protect their share of retirement accounts and other assets during a divorce.