Whether they are full of diamonds or have streamlined designs, engagement and wedding rings can be quite expensive. In fact, in 2019, the average engagement ring sold for nearly $6,000. Custom rings, of course, often cost thousands or even millions of dollars more.
Even though your marriage is not working out as you expected, you may not want to part with all your memories of it. If you love your jewelry collection or have a special attachment to your wedding or engagement ring, you may wonder if you have to give the ring back after your divorce.
Florida law contemplates an equitable distribution of the marital estate during divorce. While equitable distribution does not guarantee you will receive exactly half of everything you and your spouse own together, you should receive a fair share.
Separate and marital property
Equitable distribution only applies to marital property. That is, while you must split marital property, you can keep anything you own separately. Generally, separate property is anything you owned before you married your spouse. Separate inheritance and third-party gifts during your marriage may also constitute marital property.
Your engagement and wedding rings
At the start of your engagement, your soon-to-be spouse gifted you an engagement ring. This makes the ring a gift that is probably separate from your marital estate. The same is likely true for your wedding ring. Still, you may have a pre- or post-nuptial agreement that changes the classification of your rings from separate to marital property.
Ultimately, even if your rings are part of the marital estate, you may be able to negotiate a settlement agreement that allows you to keep them after your divorce.