Divorce and the Engagement Ring
When a couple is going through a divorce, one big question comes to mind. Who gets what? You mentally go through the house and divide up your possessions. You know you will have to discuss who gets the house and how child custody will work. Then you remember that big expensive diamond resting on your finger or your spouse’s. At one point you or your soon-to-be ex got down on one knee and handed over that beauty as a promise to be wed. Now with the marriage torn in two, who gets to keep the engagement ring?
Is the engagement ring marital property?
A better question is if your engagement ring is marital property. Marital property is most simply property that was acquired during a marriage. Of course, this can be trickier than it sounds. Although a symbol of marriage, an engagement ring is considered a gift before the marriage and is not considered to be marital property. Unfortunately for the one who proposed, the precious stone that was your great great grandmother’s is no longer yours. Now if the two of you never make it down the aisle, the ring must be returned to the person who gave it as a gift. But as soon as you say your “I dos,” the ring belongs to the person who received it. The wedding bands on the other hand, (or the same finger if we are being literal) are considered marital property and are to be divided like any other marital asset.
If you are considering divorce, you may find yourself with more questions about the division of assets. Our divorce attorneys can help you navigate through this both tough and bewildering time. Call us today at 844-4BLG4ME to set up your free consultation with one of our family law attorneys.