During a divorce, spouses can fight over just about anything, including engagement and wedding rings. Given that some spend a considerable amount on these items, it is no wonder that the question of who gets to keep them may arise after calling it quits.
What Happens to the Rings?
Although you might not have much sentimental value attached to your engagement and wedding rings now that you are going through a divorce, if they have a lot of monetary value, it is likely on your radar. Ohio follows equitable distribution laws, which means that marital assets are divided as fairly as possible. However, engagement rights are gifts that were given before the marriage and wedding rings are gifts given after the marriage.
Since an engagement ring is a gift that is given from one prospective spouse to another, courts treat them as non-marital assets. Therefore, you would keep the engagement ring you were proposed to with. If the marriage ultimately never took place, the party that gave the proposal would be able to take it back since engagement rings are considered conditional gifts. If the ring suddenly goes missing or was sold, you can seek money damages that are equivalent to its value.
On the other hand, gifts made from one spouse to another during the marriage are considered interspousal gifts, which means they are marital assets that are also subject to equitable distribution. Each spouse would ultimately receive half the value of both wedding rings.
Everyone hopes to never have to get these rings back, but if your marriage ends, the value of the wedding rings can be divided just as any other piece of marital property would.
Schedule a Consultation with One of Our Knowledgeable Divorce Attorneys Today!
If you are filing for divorce, the experienced team at Crossman & McNamee, LLC can provide the knowledgeable guidance and advice you need to navigate it as smoothly as possible while protecting your interests. Moreover, we are committed to putting you and your family first, which is why we respond to all inquiries within 24 hours. We understand how important family law matters are and will treat your concerns with priority.
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