The fate of your wedding and engagement ring after divorce can be an awkward and even hotly contested subject among splitting couples. The spouse who purchased the ring may think that they have a right to have it returned, while the ring recipient may consider it a gift that should be kept.
Are wedding and engagement rings considered marital property?
Every state has its own view on whether wedding and engagement rings are property or gifts. Generally, Texas divorce courts see the engagement ring as a gift, and, therefore, does not have to be returned to the gift giver. Even a broken engagement may not require the ring recipient to give the item back.
The value of the ring is often a point of contention in property division negotiations. With some engagement rings costing well over a few thousand dollars, it’s no wonder the spouse who gave the ring would want it back! Likewise, the ring recipient will want to keep the ring due to its value.
Generally, the recipient has the right to keep the engagement ring because it was given as a gift, similar to any other jewelry given between spouses during the time of the engagement or marriage. Jewelry that was purchased as a gift from one spouse to the other is rarely considered marital property.
Negotiating the Return of Wedding or Engagement Rings
It may be possible to negotiate the return of the rings if you are willing to bargain with other assets. For example, if the rings were a family heirloom, you may be able to argue that they hold emotional value and, therefore, should be returned. Or you may be able to agree to give up another piece of marital property such as a collection of artwork or other collectibles in exchange for the rings.
Dividing marital property requires that you present evidence that you have a right to that item (such as family heirloom) or that you compromise on individual assets. Compromise either can be liquidating and dividing the asset — in this case, selling the rings and splitting the profits — or giving up your stake in another asset to retain complete possession of the rings.
A Dallas Divorce Attorney Can Help Negotiate the Fate of Your Rings
Deciding to keep or give up your wedding and engagement rings after divorce is a situation that should be approached with the help of a Dallas divorce attorney. Along with the rings, an attorney can help evaluate your right to marital property and determine what is in your best interest to pursue, divide or let go.
Contact The Texas Divorce Lawyer today to schedule a free consultation regarding your divorce case: 214-265-7630.