Divorce is never easy. It involves a number of decisions that must be made and issues that must be settled. One such issue is the division of the marital assets. While some marital assets are easy to identify, others create more confusion. Two assets you may be wondering about are your engagement ring and wedding rings.
Is it an Inheritance?
Deciphering whether or not a ring is marital property can at times be complex. If a wedding ring was a family heirloom of the spouse who gave it to the other, it’s possible that a judge may decide that the ring is an inheritance, which means that it could be considered as separate property and not to be divided as marital property.
How would you divide a wedding ring? In cases where it’s considered marital property, the ring can be sold and the profits divided. Alternately, one spouse can keep it and the other can factor it into the equitable division of the property, receiving half of its value in other assets.
Engagement rings are a bit different than wedding rings. This is because one person gives the ring to the other person before you get married. Therefore it’s considered a pre-marital asset. Additionally, engagement rings have been held by the courts to be conditional gifts. This means that they are gifted to the other person based upon a condition or conditions being met. In this case, an engagement ring is given on the condition of getting married. Therefore an engagement ring is non-marital property once the couple is legally married. It can be very difficult for spouses to come to their own property division when there is much contention. They often fight over assets and how much each asset is worth.
Another factor that can change the outcome of this is if the couple had signed a prenuptial agreement (prior to the wedding day), commonly known as a “prenup.” Dependant upon what the prenup says one spouse may automatically be entitled to it.
Since divorces and the division of marital property can often lead to serious court battles, it’s in your best interest to consult with a qualified family law attorney who has experience with divorce cases.
Consult with a Qualified Divorce Attorney
If you are looking to divorce, it can have a big impact on your life – both emotionally and financially. That is why you deserve an experienced family law attorney who understands the law and knows how it works. Partnering with such an attorney can help you to get what you deserve.
At Surovell Isaacs & Levy PLC, we work with our clients to fight for what it is that they deserve. To learn more or to schedule a consultation, contact us today!
Posted in: Divorce