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Who Gets to Keep the Engagement Ring in a Divorce?
When you find that special someone you want to spend the rest of your life with, you may decide to propose. When you give or receive an engagement ring, you may believe that the relationship will last forever. However, sometimes marriages fail. If this reflects your circumstances, you may wonder who gets to keep the engagement ring after divorce. Please continue reading to learn whether or not an engagement ring is considered marital property in New Jersey and how an experienced Ocean County Property Division Attorney can help protect your interests.
Is New Jersey an Equitable Distribution State?
In a divorce, the couple’s assets are split into two basic categories: marital property and separate property. Marital property refers to anything you or your spouse acquired during the marriage, whereas separate property refers to the property you owned before the marriage and gifts you received individually before the union. In New Jersey, marital assets are subject to equitable distribution. This means joint assets will be divided fairly, though not necessarily equally. The court will take into account each party’s financial and domestic contributions to the marriage. Separate property is exempt from property division. However, if at any point during the marriage separate property is commingled with marital property, it will be subject to distribution.
What Happens to Engagement Rings After Divorce?
While you and your spouse are free to reach any agreement for the rings you want, courts generally view engagement rings as a conditional gift. When you give or receive this gift, it symbolizes your intention to marry. As such, if the engagement is called off, because the condition for the gift hasn’t been met, the person who gave the ring can reclaim it. However, if a couple goes through with the marriage, the conditions have been satisfied, meaning the recipient is within their right to keep the ring.
In New Jersey, an engagement ring is not considered marital property and thus is not subject to equitable distribution as it’s obtained before the legal union takes place. In some cases, an engagement ring can be considered marital property if the ring is modified in some way during the marriage. This includes changing a setting, upgrading a diamond, or adding stores. This is because marital assets were likely used to make these adjustments, making the engagement ring a commingled asset.
If your assets are at stake, it’s in your best interest to contact a trusted attorney from the Law Office of Sarina Gianna, LLC, who can help you understand your rights and fight for the best possible outcome on your behalf. Connect with our firm today to discuss your case.
