One problematic area when a couple gets divorced can be an engagement ring. It may be very expensive, and many people pay thousands of dollars – if not tens of thousands – for their engagement rings. This is a sentimental asset, to be sure, but it is also a very important financial asset.
Often, the engagement ring is considered a conditional gift by the court. What does this mean and how is it going to impact who keeps the ring when a couple splits up? Here’s what you should know:
The condition has already been fulfilled
What this means is that the ring was offered to the other individual on the condition that they would get married. That person said that they would and they accepted the ring, so then they are obligated to fulfill the condition and go through the marriage.
If the relationship breaks up prior to this, then the ring has to be returned to the person who gave it to the other. The condition in question was the engagement, which had to be carried out until marriage. In this example, that condition has been broken, and so the asset should still be owned by the person who originally purchased the gift – not the one who received it.
But if the couple did get married and is now getting divorced, that condition has already been fulfilled. This can mean that the ring stays with the person to whom it was given, as it is now a separate asset that they owned prior to becoming married.
Sorting out the financial details
You can see how asset division can become very complicated, so you may want to make sure you know what legal options you have during this process.