When a couple ends their relationship, if one person has been given an engagement ring, it can often become a point of contention. For one thing, it is symbolic, and the relationship is ending. But for another, it can be very expensive. After all, engagement rings average over $5,000, so they are a very valuable asset, especially for a young couple.
Who gets to keep that ring, however, really just depends on when it was given and the status of the relationship when it comes to a close. Often, the courts see the ring as a conditional gift.
What is the condition?
Under this perspective, the ring is only being given to the recipient under the condition that they agree to get married. One person proposes, the other person says yes, and the ring changes hands.
If that person then breaks the engagement off before getting married, they have not fulfilled that condition. They typically have to give the ring back because it is still owned by the person who gave it to them.
However, once a couple gets married, the condition has been satisfied. This can feel frustrating to the person who gave the ring as they go through a divorce, especially if it was initiated by their partner. But because the ring is a conditional gift, it may now be owned by their spouse, even though they are not the one who initially purchased it.
Dividing complicated assets
During a divorce, addressing wedding rings and engagement rings can be complex, and there are many other complicated assets to consider. Couples need to determine the difference between marital and separate assets, which can affect how they are split up during property division. At this time, it can help to work with an experienced divorce attorney to explore all potential options.