Engagement Rings and Divorce
One of the largest and most significant purchases in a person’s life may be an engagement ring for a future spouse. The custom of providing engagement rings has been accepted as standard in the United States for nearly a century, and one may spend thousands of dollars on a diamond engagement ring. While the ring is given as a gift, many people are unaware of how the law treats the engagement ring if the couple does not go through with the marriage or gets a divorce later in life.
Do not go through your divorce without the help of a qualified legal representative. At Alexander & Associates, our team of Denton divorce lawyers will help you every step of the way. The division of assets can be a very difficult process and we are here to make it as stress-free as possible. Contact us today at 972-420-6560 to discuss your situation.
Who Gets the Ring After Divorce?
Today, the average engagement ring costs just over $5,800, and many buyers feel committed to saving two months’ salary to pay for the ring. In the state of Texas, the law establishes the following on who gets the engagement ring after divorce:
- If the couple doesn’t go through with the marriage, the receiver must return the gift to the giver
- Many courts will consider who is at fault for the divorce as to who gets custody of the ring
- In some cases, the ring will be sold and the money is split between the two partners
- If the ring is a family heirloom, couples should make a prenuptial agreement on who gets the ring in case of divorce
Do not needlessly risk financial losses due to inadequate representation of your interest in an engagement ring that no longer serves a purpose. Contact the Denton divorce attorneys of Alexander & Associates today at 972-420-6560.
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