If a divorce is imminent, you may wonder what will happen to your engagement ring. This question is often raised because of the sentimental and monetary value of this asset. Please continue reading to learn who gets to keep the engagement ring in a New Jersey divorce and how a knowledgeable Middlesex County, New Jersey Equitable Distribution Lawyer can help protect your interests.
How Does New Jersey Divide Marital Assets?
If you are facing a divorce, it’s vital to distinguish between marital and separate property when considering the division of assets. Marital property is obtained by either party while they are married, such as real estate, vehicles, bank accounts, retirement accounts, etc. Separate property, on the other hand, refers to assets that were acquired by either spouse before the legal union, such as gifts and inheritances.
New Jersey is an equitable distribution state, which means that marital property is divided in a fair and just manner. Although this can sometimes mean an equal division of assets, often, property can be divided disproportionately, based on each spouse’s financial and domestic contributions to the marriage. It’s important to note that certain assets are exempt from property division. However, if at any point during the marriage separate property is commingled with marital assets, it will be subject to distribution.
Is an Engagement Ring Considered Marital Property?
In most cases, New Jersey courts view an engagement ring as a gift from one fiancè to the other. When you give or receive an engagement ring, it’s considered a conditional gift. For a gift to fall under this category, a specific condition must be fulfilled before the gift belongs to the recipient. An engagement ring symbolizes a couple’s intention to marry. As such, if the couple doesn’t get married, because the condition of the gift was never met, the ring will need to be returned to the gifter. However, if the couple does marry but ends in divorce, the recipient can keep the engagement ring as the conditions of the gift were ultimately met.
Typically, an engagement ring is not considered marital property as it was given in anticipation of a wedding. As mentioned above, only marital property, assets obtained during the marriage, are subject to equitable distribution. Since an engagement ring is gifted before the legal union takes place, it’s exempt from property division during a divorce. It’s important to note that if the engagement ring was a family heirloom, the court may look at it differently than just a simple gift. To safeguard this expensive and sentimental gift, you should consider establishing a prenuptial agreement.
One of the most complex aspects of a divorce is property division. As such, it’s in your best interest to retain the services of a competent New Jersey equitable distribution lawyer, who can guide you through these difficult times. Connect with the Law Offices of Aditya Surti, LLC today to learn more about how our firm can help you understand your rights.
