Who Gets to Keep the Engagement Ring in a NY Divorce?
When you and your spouse decide to dissolve your marriage, the division of assets may be a significant issue to resolve. Understandably, people become emotionally tied to their possessions. Engagement rings can be a particularly contentious matter during a divorce because of their cost and sentimental value. If you are facing a divorce in New York and wondering what will happen to your engagement ring, it’s in your best interest to enlist the help of a compassionate Nassau County Division of Assets Attorney who can help you fight for everything you deserve. Please continue reading to learn who gets to keep the engagement ring in a New York divorce.
How Do New York Courts Divide Marital Assets?
First, it’s important to understand that for New York courts to divide a couple’s property during a divorce, they must establish the difference between marital and separate property. Marital property refers to any asset that is obtained during the marriage, with some exceptions. Separate property, on the other hand, refers to any assets obtained before the marriage and not agreed to be brought into the marriage.
New York is an equitable distribution state, meaning a couple’s property will be divided fairly, though not necessarily equally. Under New York law, only marital property is subject to equitable distribution. Separate property will remain in the possession of its original owner. However, there are instances in which separate property can convert to marital property if it is commingled with other marital assets or if it increases in value due to the contributions of both spouses.
What Happens to the Engagement Ring?
Generally, the recipient of an engagement ring can keep this piece of jewelry after a divorce. Many states including New York consider an engagement ring a conditional gift, with the legal union as the condition. Once the couple ties the knot, the ring is considered a “completed” gift and the recipient is within their rights to keep it in the event of a divorce. An engagement ring is given before marriage, making it a separate property. Therefore, this asset is not subject to equitable distribution. Only gifts exchanged after the marriage are considered marital property and thus subject to equitable distribution.
If you are going through a divorce and have concerns regarding your engagement ring, please don’t hesitate to contact a trusted Nassau County division of asset attorney who can advise you of your rights and safeguard your interests. At The Pollack Law Firm, P.C., we are prepared to guide you through each phase of the divorce process. Connect with our firm today to discuss your case.
