Engagement rings and wedding bands can be very sentimental and valuable items. It is estimated that most couples spend around $6,000 on an engagement ring. The question arises if the parties split-up: who gets the rings?
In Minnesota, an engagement ring is considered to be a “conditional” gift. This means the gift is given in anticipation of an action. For an engagement ring, the ring is given with the assumption of marriage.
If parties part ways before the wedding and marriage, the ring must be given back to the giver. However, if the parties break up after the wedding and are legally married, the condition has been fulfilled for the gift and is considered non-marital for the receiver. Non-marital property means the property is exclusively theirs.
A wedding ring is considered a gift given during the marriage. This makes them marital property. In most circumstances, this means that each spouse is entitled to receive half the value of both rings. Any ring upgrades to an engagement ring or a wedding ring may also be considered marital property and subject to division.
Anytime parties are discussing the division of property, including engagement and wedding rings, it is important to consultant with an attorney regarding your rights.
If you have questions about divorce or property division, our experienced family law attorneys are ready to discuss. Our legal team will inform you of the law and help create the best legal strategy for your case. Contact our office at (763) 323-6555 or through our website by submitting an online inquiry.