What happens to your engagement ring after a divorce?

On Behalf of | Apr 3, 2023 | Divorce |

Engagement rings and wedding bands are among the highest-value items you and your spouse will purchase for your wedding. In fact, the average engagement ring costs almost $6,000. Additionally, less than 10% of people spend less than $1,000 on engagement rings.

During a divorce, it may be time for you to take your ring off, but what do you do with it once you remove it? Do you return it to your spouse? Do you sell it and split the profit? You may have more freedom with your ring than you think.

Engagement rings as separate property

In New Jersey, divorcing couples must divide their property into two categories: separate and marital property. Marital property includes any purchases that occurred while married, and separate includes all assets before marriage, including gifts. Even if your former spouse purchased the rings, you have full control over yours. The law considers an engagement and wedding ring a gift and separate property.

Splitting engagement rings as a choice

You have the choice to do whatever you want with your ring. If you and your former spouse decide to take the rings and split the profit, or if you want to give back the ring, you can. Many couples decide how to divide property and debt without a judge deciding for them. Typically, determining what you want to do with your property without judicial interference can end the marriage on a more positive note.

Engagement rings have sentimental and monetary value. While your ring belongs to you after a divorce, you can determine if you want to keep it, sell it or return it to your spouse.