If you are going through a divorce in New York, you may wonder what will happen to your engagement ring. For many, an engagement ring is among the most expensive and sentimental pieces of jewelry in their collection. As such, this can be a particularly contentious issue in a divorce. If you have questions about what happens to your engagement ring after divorce, please continue reading and contact a knowledgeable Suffolk County Divorce Attorney who can guide you through the asset division process.
How Does New York Divide Marital Property?
In New York, marital property, meaning any assets obtained during a marriage, is divided in a process known as equitable distribution. There is often a misconception that marital property is divided equally in a divorce. However, equitable distribution means that marital property is divided in a fair and just manner. While this can sometimes mean an equal division of assets, property can be divided disproportionately. The court will consider each spouse’s financial and domestic contributions to the marriage. Additionally, the court will determine what is equitable based on the following factors:
- The age and health of each spouse
- The duration of the marriage
- The standard of living during the marriage
- The income of each spouse
- The present value of property
- The debts and liabilities of the spouses
- The tax consequences
- Any other relevant factors
It’s important to note that certain assets are exempt from being divided because they are considered separate property. This means that it was either inherited or owned by one party before the legal union. However, if separate property is commingled with marital assets, it will be subject to equitable distribution.
What Happens to Engagement Rings During a NY Divorce?
In New York, when you give or receive an engagement ring, it’s considered a conditional gift. Essentially, a gift is considered conditional if a specific condition must be met before the gift belongs to its recipient. An engagement ring symbolizes a couple’s intention to marry. This means if the wedding is called off, the condition for the gift hasn’t been met. Therefore, the ring must be returned to the gifter. However, if a couple goes through with the marriage, the condition has been satisfied, meaning the gifter cannot reclaim it.
Under the law, engagement rings are not considered marital property, meaning they are not subject to equitable distribution. Gifts exchanged during the marriage are considered marital property. Engagement rings are obtained before a marriage takes place, making it separate property.
If you are going through a divorce and have concerns about what will happen to your engagement ring, please don’t hesitate to contact an experienced divorce attorney from the Law Offices of Susan A. Kassel, P.C., who can help you understand your rights and safeguard your interests. Connect with our firm today to discuss your case.
