What happens to the engagement ring after a divorce?
Following a divorce, the engagement ring is a sensitive subject. You may not know whether to give the ring back to your ex, keep it or sell it and split the finances.
In the state of New York, equitable distribution law acknowledges the economic and social partnerships involved in a marriage. Typically, the judge will try to divide the property as fairly as possible. Regarding the decision about your ring, you typically have the power to decide what happens with it.
Separate versus marital property
Separate property refers to all you obtain before marriage and as a gift. Martial property, on the other hand, includes all property you obtain while married, not including gifts. Your engagement and wedding rings, however, are not marital property. They are gifts. Your engagement ring belongs solely to you. In most cases, you can decide what happens to the ring without input from your former spouse.
Property division decisions between couples
You and your spouse can divide the property as you see fit. For example, if you and your spouse want to split the costs of the engagement ring or if you want to return the engagement ring to your ex, you can. You and your former spouse can create an agreement on how you want to split the property and show it to the judge. However, if the judge perceives the agreement as unfair, he or she may amend it.
Regarding property division, including the engagement ring, the process goes faster when you can come to an agreement.