An engagement ring is among the most expensive and sentimental pieces of jewelry a person owns in their lifetime. As such, many wonder who gets to keep it in the event of a divorce. One of the most hotly contested matters in a divorce case is the division of assets. One of the most hotly contested matters in a divorce case is the division of assets. If property distribution is a contested matter in your divorce, it’s in your best interest to enlist the help of a competent Nassau County Property Distribution Lawyer who can fight for your rights. Please continue reading to learn what happens to the engagement ring after a New York divorce.
How Does New York Divide Marital Assets?
New York is an equitable distribution state, meaning marital assets are divided fairly, though not necessarily equally. Essentially, anything obtained during the duration of the marriage is divided based on each spouse’s financial and domestic contributions. As such, you may find that not all assets are split evenly between the couple. Some assets are exempt from property divisions because they constitute separate property. This means it was either inherited by one party or owned before the marriage took place. It’s important to note that if separate property becomes commingled with other marital assets, it will be subject to equitable distribution.
What Will Happen to the Engagement Ring During a NY Divorce?
Generally, New York courts view an engagement ring as a “conditional” gift. This means that it’s given on the condition that there will be a marriage. The recipient has the right to wear this symbol of their upcoming union. However, if the marriage does not happen, the recipient no longer has the right to possess the ring as the conditions of the gift were not met. New York law requires the recipient to return the ring to the gifter. The laws regarding engagement rings are fairly straightforward when the breakup happens before the marriage takes place.
If a couple goes through with the marriage, the conditions of the engagement ring have been satisfied. This means that the recipient has essentially fulfilled the contract, so to speak, and is now the rightful owner of the ring. The recipient is within their rights to keep the ring in the event of a divorce. An engagement ring is not considered marital property because it was not gifted during the marriage. Gifts exchanged before the legal union are not subject to equitable distribution during the divorce.
It’s important to note that separate property is not always given to the recipient. If the ring is a family heirloom, the jewelry could be considered an inheritance of the gifter and therefore must be returned. To protect this sentimental asset, you should consider creating a prenuptial agreement.
If you are facing a divorce and you are looking to protect your hard-earned assets, please don’t hesitate to contact the Law Offices of Eyal Talassazan, P.C. OUr legal team is prepared to fight for the best possible outcome on your behalf.
