Engagement rings are often expensive and a valuable asset, whether or not they are family heirlooms or hold sentimental value. If you get a divorce you may wish to hold onto your engagement ring for many reasons, regardless of its monetary value. However, the decision as to who can keep the ring after the marriage ends is governed by the state that you live in. For more information and to obtain legal representation during your divorce, contact an experienced Memphis, Tennessee property division lawyer at Rice Law.
What is Property Division?
There are many concerns that divorcing couples need to worry about, property division being one of the most important. During the course of a marriage, a couple’s lives overlap to the point that most of their belongings are considered owned by both individuals. During the divorce process, it must be determined what assets are marital property and what assets are separate property.
Only marital property is subject to equitable distribution between the two parties. Through Tennessee’s equitable distribution laws, a court will divide marital property fairly and equitably but not necessarily equally. Understanding which assets are subject to division is important for both parties.
Can I Keep My Engagement Ring in the Divorce?
It is understandable that you wish to keep your engagement ring. It likely reminds you of happy times with your former spouse and is special, even if the two of you did not work out. You may also simply want to keep it for its monetary or resale value. Whatever the reason, you will be happy to know that Tennessee law generally allows recipients of an engagement ring to retain it as an asset in the event of a divorce. It is considered a conditional gift so because you met the conditions you will maintain ownership even once the marriage has ended.
What is a Conditional Gift?
A conditional gift is a present given to a person under the condition that they do or give something in return. The recipient does not officially own the gift until the condition has been met.
When it comes to an engagement ring, you were given it as a gift under the condition that you will marry the person who proposed to you. If your relationship ends before the wedding and you call off the engagement, you must return the ring as you did not meet the condition of the gift.
However, if you do get legally married then ownership of the ring vests in you and you take full ownership of the item. Regardless of how long the marriage lasts after you are legally wed, you will retain ownership as it was gifted to you before the marriage and you met the conditions that it came with.
Divorce law can be overwhelming and is often complicated. Reach out to an experienced attorney who will help you navigate your divorce and ensure your rights are protected throughout the process.
