During any divorce in Florida, an engagement ring may be kept by the recipient unless a prenuptial agreement stipulates otherwise. Even so, prenuptial agreements aren’t always ironclad, which means someone who receives an engagement ring can be fairly certain they’ll keep it.
This can come as welcome news to engagement ring recipients because their premarital bands often retain significant value. Not only that, but the value of an engagement ring doesn’t affect equitable distribution in Florida: Whatever an engagement ring is worth, it’s on top of whatever portion of the marital assets a spouse receives.
Is an Engagement Ring Considered Separate Property?
Yes. The reason why engagement rings aren’t factored into equitable distribution is that they’re considered separate property.
What Is Separate Property?
Separate property is something someone owns before getting married and avoids commingling with marital assets. Separate property can include things such as someone’s car, old savings account, family heirlooms, and even real estate.
As long as income or assets acquired during marriage are kept away from these assets, they can retain their separate status.
Prenuptial Agreements & Engagement Rings
As alluded to above, prenuptial agreements are the only likely exception to the recipient’s right to keep an engagement ring.
Prenuptial agreements can be important mechanisms to protect certain assets during divorce. A prenuptial agreement can stipulate that ownership of the ring belongs to the giver, which can be important for that individual if the ring is a treasured family heirloom.
The problem with prenuptial agreements is that enforcement depends on the judge’s willingness to enforce them. If a prenuptial agreement is overwhelmingly unfair to one spouse, the judge may throw it out entirely. Prenuptial agreements can also fail if they are improperly prepared or contain illegal provisions, such as those that outline child custody. This is why it’s important to seek legal guidance if you intend to enter into either a pre- or postnuptial agreement.
Contact Us for Legal Assistance
If you are experiencing a challenge with your divorce, we at Beatriz Zyne, P.A. can provide the legal assistance you require. Our attorney is an experienced advocate who can help her clients achieve agreeable outcomes to even the most contentious disputes.
If you need help with your divorce, contact us online now to get started.