What Will Happen to the Engagement Ring During Divorce?

For many, a marriage proposal is one of the most sentimental and romantic moments of their life. Additionally, saying yes to your future partner or asking them for their hand in marriage is something many dream about. However, one of the most critical parts of the proposal is the ring! Whether you and your spouse picked it out together or it’s a surprise, an engagement ring is important to many couples. Unfortunately, however, if your marriage doesn’t work, you may be left fighting over who has the right to the ring. If you’re unsure how New Jersey handles these matters, you’ll want to keep reading. The following blog explores what you should know about property division and how New Jersey property division attorneys can help guide you through these complicated issues.

How Does New Jersey Divide Marital Assets?

In New Jersey, marital assets are divided based on the equitable distribution standard. Essentially, joint assets, meaning anything obtained during the duration of your marriage, are divided based on each spouse’s financial and domestic contributions to the marriage. As such, you’ll find that not all assets are split evenly between the couple.

For some couples, certain assets are exempt from being divided because they constitute separate property. This means it was either inherited by only one party or the spouse owned it before the marriage. However, if the separate property is commingled with other marital assets, it will be subject to distribution.

What Happens to The Engagement Ring?

New Jersey law explains what should happen to a ring in the event of a divorce. When you give or receive an engagement ring, you’ll find that it is considered a conditional gift. Essentially, this means that it is given because the couple intends to marry. If the engagement is called off, because the condition was never fulfilled, the ring must be returned to the gifter. However, if the couple does marry but ends in a divorce, the recipient is within their right to keep the ring as the conditions of the gift were met.

Under the law, the engagement ring is not considered marital property and thus is not subject to equitable distribution. This is because it is not a gift obtained during the marriage, but one that was given before their legal union. Gifts exchanged during the marriage are considered marital property and thus are subject to equitable distribution during the divorce.

As you can see, getting a divorce can be an incredibly complicated matter that requires an understanding of the law to ensure your best interests are represented and protected. If you are going through a divorce, it’s in your best interest to obtain the legal services of an experienced attorney who can help guide you through these challenging issues. Unfortunately, many ae unaware of their rights during these times, which can leave you vulnerable. When you need help, the team at Haber  Silver Russoniello & Dunn is ready to assist. Connect with us today to learn how we can guide you during these complicated legal matters.