An engagement ring may be one of the most expensive gifts a person ever gives to their partner. The average cost of a ring in the United States is over $5,000, and many rings are worth $10,000 or more.
Someone may be willing to pay this amount when proposing because they want to show their partner how much they care about them and value the relationship. However, if that relationship ends, deciding what to do with the ring can become contentious. Does the person who received it as a gift keep it? Or does the person who paid for the ring get it back so they can sell it and recover some of the money they spent now that the relationship is ending?
A gift with a condition
Although every divorce case is unique, courts typically view rings as gifts that come with a specific condition. When someone proposes, they ask the other person to marry them and receive a verbal agreement. That agreement is the condition under which the ring comes into their possession.
If the person breaks off the engagement before the wedding, they likely have to give the ring back, as they have failed to fulfill the agreement, meaning the condition hasn’t been met.
However, getting married usually satisfies that condition. The transfer of the gift is now complete, so the person who received it may get to keep it long-term. Divorce doesn’t nullify this because they didn’t promise to stay married forever, only to get married in the first place.
Complex asset division
Engagement and wedding rings are just one area where asset division can get complicated during divorce. Be sure you understand your legal options.
