The solution behavior of complex [Rh(COD)(μ-OAc)]2 in the absence and presence of PPN+OAc− in dichloromethane has been investigated in detail by multinuclear NMR spectroscopy. Without additional acetate ions, the compound shows dynamic behavior at room temperature, consistent with an inversion of its C2v structure. Addition of PPN+OAc− reveals an equilibrated generation of [Rh(COD)(OAc)2]−. Rapid exchange is observed at room temperature between the neutral dimer and the anionic mononuclear complex, as well as between the anionic complex and free acetate. Lowering the temperature to 213 K freezes the exchange between the two Rh complexes, but fast exchange between the anionic Rh complex and free acetate maintains coalesced Me (1H and 13C) and COO (13C) NMR resonances. DFT calculations support the experimental data and lean in favour of a dissociative mechanism for the acetate exchange in [Rh(COD)(OAc)2]−. The acetate ligands in complex [Rh(COD)(μ-OAc)]2 are also exchanged in a biphasic (water/organic) system with the methacrylic acid (MAA) functions of hydrosoluble [MMA0.5-co-PEOMA0.5]30 copolymer chains (PEOMA = poly(ethylene oxide) methyl ether methacrylate), resulting in transfer of the Rh complex to the aqueous phase. Exchange with the MAA functions in the same polymer equally takes place for the chloride ligands of [Rh(COD)(μ-Cl)]2. The latter phenomenon rationalizes the coagulation of a core-crosslinked micelle (CCM) latex, where MMA functions are present on the hydrophilic CCM shell, when a dichloromethane solution of [Rh(COD)(μ-Cl)]2 is added.