Dividing up a couple’s assets is often one of the most difficult parts of a divorce. Virginia courts follow the ‘equitable distribution’ system of property division, meaning that any property acquired during the course of the marriage will be divided between the divorcing spouses. The assets will be divided equitably, or fairly, as decided by the court.
Determining who gets your engagement ring, will depend on the circumstances surrounding the purchase of the ring. For example, if the ring was a family heirloom that was a part of one spouse’s family for generations, the court may treat the ring the same way as an inheritance. Inheritances are not generally considered to be marital property and therefore, the court could return the ring to the family it belonged to before the marriage. However, while the other party may lose the actual ring, they may be entitled to the apportioned value of the ring.
While many states view the ring as separate property, and therefore will go with the person who it started with. However, some states say that the ring was given in exchange for the promise to marry. When the promise to marry is fulfilled, the ring becomes the property of the person wearing it. If the state views the ring as marital property however, the value of the ring will be divided up between the spouses during the divorce.
Property division can be challenging, particularly when a couple has a lot of valuable assets. A divorce attorney can help handle these matters on your behalf and give you the best chance at recovering the property that means the most to you.