Engagement rings are one of the most sentimental and valuable pieces of jewelry you own. However, when you divorce, you may not know what to do with it.
On average, engagement rings cost nearly $6,000. This can be substantial, particularly if you have financial stress because of the split.
Splitting the profits of an engagement ring
How you and your spouse view your engagement rings could determine what you do with them. If you have an amicable relationship with your ex, the two of you may decide to take the rings and split the profit. Regarding property division, you do not necessarily need a judge’s interference.
Remember that a judge can analyze your decision to ensure that you divided your property fairly and that no one took advantage of the other person.
Keeping your engagement ring
In most cases, you can keep your engagement ring, regardless of what your spouse wants to do with it. In Florida, the law divides your property into two categories: Nonmarital or separate property and marital property. Gifts from your spouse before and during your marriage are considered separate property. If you want to keep the ring or sell it and keep the profit, you can usually do so without consulting your spouse.
Remember to include your engagement ring with all your assets to avoid accusations of hiding assets during your divorce.
Deciding what to do with your engagement ring can be a difficult choice. Fortunately, you do not have to give up your ring or make a painful decision.
