Engagement rings and wedding rings can be a very expensive investment. Many young couples spend thousands or even tens of thousands of dollars. These rings are symbols of their relationship as they move forward.
But what happens when that relationship ends? Who gets to keep the ring? Does it belong to the person who purchased it or the person who received it? With so much money invested, couples understandably want a clear answer.
A conditional gift
Although there are some exceptions, rings are often seen as conditional gifts. This makes the timing of the end of the relationship a very important component of the process. The condition, after all, is that the two people will get married.
In one situation, a person may break off the engagement prior to the date of the wedding. They likely have to return the ring because they did not satisfy the conditions under which they accepted it. They said they would get married, took the gift, and then went back on their promise. They are certainly not legally required to get married, but they probably have to return the ring if they don’t.
In a divorce, though, this can make things complex. The condition of marriage has already been met. Therefore, the ring may be the sole possession of the person who received it. This means it is separate property, not marital property, and they get to keep the ring even after the divorce.
Of course, if the couple purchased the ring together after getting married, it may qualify as a marital asset and be subject to property division rules.
If you find yourself in a complex dispute over rings or other expensive assets, be sure you know exactly what legal steps to take.