Do I Have to Return My Wedding Rings After a Divorce in NY?

There are a lot of legal and emotional questions during a divorce, and one of these common questions is what happens to wedding and engagement rings. A ring is often a significant financial investment and holds sentimental value. It is a symbol of a promise, and there are often questions about who owns the ring after a breakup. Does the recipient spouse have to return the ring after the marriage ends?

It depends on several factors, including when the ring was given, the circumstances of the divorce, and even how the court handles any disputes.

A NY divorce lawyer can help their client make sense of this situation and determine what legally should and can be done with rings following a divorce. They can also explain how to split IRAs during a divorce in NY.

Understanding Property Division in New York Divorces

New York is an equitable distribution state. This means that marital property, sometimes referred to as community property, is fairly, but not necessarily equally, divided between spouses during a divorce. Marital property, or marital assets, are acquired during the marriage. These are subject to equitable distribution. Separate property are assets that are acquired before the marriage, or during the marriage, in some cases. For instance, if one spouse receives an inheritance in only their name, and never uses it to benefit the marriage, it would be separate property obtained during a marriage.

Where do wedding rings and engagement rings come in? Are they marital property or separate property? Divorce and Family Legal, LLC can help with these questions as well as how is a pension handled in a divorce in NY?

Engagement Rings: A Conditional Gift in New York

Under New York law, an engagement ring is considered a "conditional gift." This means a few things following a marriage proposal.

First, if the relationship ends, and there is a broken engagement, the ring must be returned, by law, to the person who gave the ring.

If the marriage does occur, the condition has been fulfilled, and the recipient has legal possession and ownership of the ring, even if the marriage ends. The ring belongs to the person it was given to.

In other words, once a marriage takes place, the engagement ring remains the recipient's separate property, and it cannot be divided in a divorce.

Wedding Rings: A More Complicated Question

In regard to a wedding ring, things get a little more complicated. During a wedding ceremony, wedding rings are exchanged between the spouses.

New York considers that when exchanged at a marriage ceremony, both spouses are giving each other a gift. As a true gift to the other spouse, in many cases, each ring is considered the separate property of each recipient.

This means that the wife doesn't have to return her wedding ring to her husband in a divorce in most cases, even if it's filled with diamonds or made of the most expensive metals...unless, there is an exception.

Exceptions: When Might You Have to Return the Ring?

Though most of the time a spouse doesn't have to return their wedding ring , there are a few situations where a court may actually order a ring returned, or the value of the ring is considered during the division of assets. Here are some of those exceptions:

The Ring Is a Family Heirloom

If the ring is a family heirloom, the courts might handle it differently than a typical ring. While it was a gift, the person who gave the ring can argue that it was loaned or entrusted to the recipient with the expectation that it would be returned to the family if there was a divorce.

It's important to remember one thing, though. There is no law about this, so it comes down to what the court decides. They do sometimes take family history and sentiment into consideration, but there is no guarantee. If the ring was given without a prenuptial agreement or other document, it could still be considered separate property.

Prenuptial or Postnuptial Agreement

Speaking of agreements, if a person signed a prenup or postnup, and it specifically states that one party can keep the ring, or that the ring has to go back to their partner in case of divorce, that agreement typically holds up if there is an argument about it.

Extremely High-Value Jewelry

Finally, there is an uncommon scenario where high-value jewelry, like a wedding or engagement ring, could be considered a marital asset. If, for instance, the ring was upgraded during the marriage and marital funds were used, it could be considered marital property. Another scenario is when a ring has substantial resale value. Finally, if the ring was insured with funds or insurance policies that both parties contributed to, the court might factor that into the process of asset distribution.

Who Legally Owns the Ring After Divorce?

In regard to an engagement ring, the ring is the separate property of the recipient. It does not have to be returned. In regard to a wedding ring, the ring is also the separate property of the recipient in most cases, but there are a few exceptions.

Can One Spouse Sue the Other for the Ring?

It's very unlikely that a former spouse can sue the other party for the ring unless it is a family heirloom, or there is a written agreement, like a pre or post nuptial agreement.

What If Someone Wants to Sell the Ring?

Once the divorce is finalized, and the ownership of the ring is determined, that person can do anything they want with the ring, including selling it. If a person wants the money for the ring, they can get it. Other's might want to save it for their children. Some people also re-purpose the ring and make it into another piece of jewelry.

If in Doubt, Seek Advice from a New York Divorce Attorney

The law is very clear in New York when it comes to wedding rings, but it can still be important to talk to an attorney in the event there is a dispute.

The best family lawyer in Albany can help ensure that all property is correctly categorized and that the final settlement or judgment reflects a fair and equitable distribution.

For those either considering a divorce or in the process of a divorce, the legal team at Divorce and Family Legal, LLC can help navigate the process. Call today.