As you move toward divorce, you know that you and your spouse are going to have to divide your marital property. Everything that you purchased together after you got married has to be split between the two of you. Separate property, which you owned before the marriage, does not.
But you may not be sure what to do with the wedding ring. After all, your spouse gave it to you before you technically got married. It also could be worth thousands of dollars, so it is a significant asset. Do you get to keep it because you owned it prior to the marriage, or do you have to give it back during the divorce?
Conditional gifts
As a general rule, a wedding ring is a conditional gift. It is a direct gift from your spouse to you, and it was given before the wedding, but it comes on the condition that you will agree to get married.
Therefore, if you break off the engagement before getting married, you have to give the ring back. The condition has not been met, and your significant other would not have given you the ring at all, had you simply said “no” at the time.
In divorce, though, the court may rule that the condition has been met. You agreed to get married, and you did. You do not have to stay married forever, and you may have a variety of reasons for wanting a divorce now – which you simply couldn’t have known when your spouse originally popped the question.
When a dispute arises
Marital property division can lead to disputes. Be sure you know what legal steps to take if you find yourself in this position.