Traditionally, when a marriage proposal takes place, one of the most important aspects is the engagement ring as it symbolizes love and commitment. In addition to their sentimental value, these pieces of jewelry are often expensive. As such, engagement rings can be a particularly contentious matter during a divorce. If you are going through a divorce and wondering what will happen to your engagement ring, it’s in your best interest to contact our experienced Monmouth County Division of Assets Attorneys who can help you fight for everything you deserve. Please continue reading to learn who gets to keep the engagement ring in a New Jersey divorce.
How Do NJ Courts Divide Marital Assets?
New Jersey is an equitable distribution state. This means, that in the event of a divorce, marital property is not automatically split 50-50 between the parties. Rather, the division of assets is conducted in a manner that is fair but not necessarily equal. New Jersey courts will take each spouse’s financial and domestic contributions to the marriage into account when determining a fair distribution of marital property.
While marital property, meaning anything obtained during the marriage, is subject to equitable distribution, separate property is excluded. Assets either inherited or owned by one spouse before the marriage are considered separate property. However, when separate property is commingled with other marital assets, it will be subject to equitable distribution.
What Happens to the Engagement Ring?
In New Jersey, an engagement ring is considered a conditional gift. Essentially, this means it’s given on the condition that the couple gets married. As such, if the engagement is called off, the ring would need to be returned to the gifter because the condition was never met. However, if the couple does tie the knot but the marriage ends in divorce, the recipient is within their right to keep the engagement rings as the conditions of the gift were fulfilled.
It’s important to understand that an engagement ring is not considered marital property and is thereby excluded from equitable distribution. This is because an engagement ring is not a gift acquired during the marriage, but one that was given before the legal union. Only gifts exchanged during the marriage are considered marital property and thus are subject to equitable distribution.
If you are going through a divorce and have concerns about what will happen to your engagement ring, please don’t hesitate to contact a compassionate Monmouth County divorce attorney who can advise you of your rights and help protect your interests. At Paone Zaleski & Murphy, we are prepared to guide you through these complicated issues. Connect with our legal team today to discuss your case.
