Once you and your spouse decide to go your separate ways, looking and wearing your engagement ring may sadly serve as a constant reminder of your failed marriage. But at the same time, you may view it in a positive light, as a symbol of all the happy memories you once shared. With this, you may be torn with whether to keep or give up your engagement ring in the asset distribution phase of your divorce proceedings. Well, you may be unsure if this decision even falls under your realm of authority. With all that being said, please continue reading to learn who gets to keep the engagement ring in a divorce and how an experienced Bergen County divorce attorney at McNerney & McAuliffe can help ensure this is distributed correctly.
Who gets the right to keep the engagement ring in a divorce?
Generally speaking, under New Jersey family law, the spouse who originally received the engagement ring gets to keep it in a divorce. This is because the engagement ring is considered to be a conditional gift. That is, a gift “in contemplation of marriage.” Therefore, the receiving spouse becomes its rightful owner once the couple marries. Further, it is not subject to equitable distribution in the divorce proceedings.
It is worth emphasizing that this only applies if the couple ends up getting legally married in the state of New Jersey. In other words, if the engagement and future wedding are called off, the receiving spouse must return the engagement ring to the granting spouse.
What happens to the engagement ring in a legal separation?
According to New Jersey family law, the main difference between legal separation and divorce is that the former does not end the marriage but the latter does. Even still, with a legal separation, the couple may draw up an agreement that handles issues like asset distribution.
Well, you should know that in a legal separation in the state of New Jersey, the receiving spouse may still hold the right to keep the engagement ring. This is because it still stands that the engagement ring was a gift contingent on a marriage taking place. And the couple still got married, so the rule still stands.
Last but not least, you should know this concept is also used for wedding bands. The couple’s wedding bands are typically gifted to one another in an exchange of vows at their wedding. So, they are considered to be their respective separate properties ultimately ineligible for equitable distribution.
For more information on if and when to pursue a divorce, please don’t hesitate to contact a skilled Bergen County family law attorney from McNerney & McAuliffe. We look forward to hearing from you and later on helping you.
