Who gets the rings when you divorce?

On Behalf of | Jun 25, 2022 | Divorce |

Even though you are ready to end your marriage, it was not always bad. In fact, you have some wonderful memories of happier times. Two of these are probably your engagement and wedding days. The rings you wear remind you of these occasions.

In addition to being meaningful to you, your engagement and wedding rings may be quite valuable. After all, if your current spouse spent the average amount on your rings, they may be worth nearly $6,000, according to CNBC.

Your rings were probably a gift

In Illinois, divorcing spouses typically divide marital assets according to what is fair and equitable. This approach means you should end up with an acceptable share of your marital estate, even if you do not get exactly half of it. Separate property falls outside the equation, though.

Rather than having to divide separate property, you can probably keep it. Gifts usually qualify as separate property. Because your spouse gifted your engagement and wedding rings to you, they are probably exclusively yours.

Your rings may be in a marital agreement

Knowing you can probably keep your engagement and wedding rings may put your mind at ease. Still, there is an important exception you must consider. If you have either a premarital agreement or a postmarital one that addresses your rings, you may have to do what the agreement says.

On the other hand, there may be ways to void your marital agreement. Ultimately, if keeping your engagement and wedding rings is important to you, it is advisable to discuss your goals with your divorce attorney as early in the process as possible.

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