Even though your marriage has not worked out exactly as you expected, you have fond and meaningful memories of your pre-marriage life. Many of these, of course, include happier times with your current spouse. You even may love to tell the story of your magical engagement.
Not only does your engagement ring represent happier times, but it also may be one of the more valuable pieces of jewelry you own. After all, according to American Express, the average one-carat engagement ring costs roughly $5,500.
The ring probably belongs to you
As you probably already know, divorcing spouses must split marital assets when their marriages end. Still, because your engagement ring was a gift, it probably belongs exclusively to you. That is, you likely do not have to include the ring or its value in your divorce settlement. You also probably do not have to return it to your soon-to-be ex-spouse.
The ring may be more than just a ring
It is not uncommon for sentimental Texans to propose with family heirlooms. If your engagement ring has a storied place in your spouse’s family history, you may have to part with it. On the other hand, if you share children with your husband or wife, one of your kids may inherit the ring. Either way, it is advisable to check your prenuptial agreement to see if it speaks to the ring’s post-divorce ownership.
You probably have a great deal of say in determining what happens to your engagement ring after your divorce. Ultimately, whether you plan to keep the ring, sell it or give it to one of your children, you should fully understand all your legal options before doing anything else.