Is An Engagement Ring Marital Property?
When you get divorced and divide up your marital property, one item that may cause confusion is the engagement ring. Yes, it technically belongs to one of you, but the other one gave it as a gift. Is it separate or marital property? This is a question that our Morristown property distribution attorneys can help you answer, even if there are complicating factors that can make the division of assets more difficult than usual.
Is An Engagement Ring Marital Property?
In most cases, an engagement ring is not going to be considered marital property. Instead, it’s a conditional gift from one person to another. The condition is, as you probably guessed, getting married.
So if you propose to your partner and get married, they would probably keep the engagement ring in the divorce because it was a conditional gift and they fulfilled the condition. If they were to break off your engagement, they would be expected to return the ring.
What Happens to an Engagement Ring That Gets Updated During Marriage?
However, there are a few situations where this matter can get more complicated. One common issue is that some couples decide to upgrade an engagement ring to celebrate milestone anniversaries. If you marry young and buy your fiance a more modest ring, you may decide to update it when you have more disposable income.
This can complicate matters because it turns a separate property into marital property. The upgraded ring was purchased during marriage and given as a gift to your spouse. This is different from the original ring, which was given from one unmarried person to another.
How Can We Decide What to Do With Our Rings, As a Couple?
When your engagement ring is considered marital property, it may take longer to figure out what will become of it. You could work together to decide on a fair arrangement though. Our lawyers can help you find alternative dispute resolution methods, like mediation, where you can talk things out and figure out what happens to the ring. Some couples sell it and split the proceeds, others let their ex keep it in exchange for other properties. We can help you find an arrangement that seems fair to you.
Do I Need a Divorce Attorney?
You should also consider hiring a divorce attorney when trying to divide up marital property. Even if you and your spouse are on good terms, it can be beneficial to have legal advice from an attorney who can help you figure out the best way to handle this process and negotiate for a fair agreement.
Schedule Your Case Consultation
You need to have someone who will help you fight for your best interests in a divorce. So contact Lazor Rantas, PC and schedule a consultation with our team to learn more about what we can do to assist you during this difficult process. Whether you have questions about property division or child support, we’re here to help.
