Wedding and Engagement Rings Following Divorce
In America, a couple usually exchanges rings as a symbol of their love and devotion to each other. This can be done during the engagement process or the wedding itself. These rings usually range in cost, depending on the couple’s individual preferences. The average price for an engagement ring in this country is between $3,500 and $4,000. However, some couples choose to adhere to the “two month’s salary rule” for the cost of the ring. Unfortunately, the ring is just a symbol of the couple’s love and that love can dissolve over time. One question that some couples may have if they are breaking an engagement or dissolving a marriage is simply: who gets the rings?
Divorce can be a complicated process with many factors to consider when dividing assets. Though this is a stressful time, help is available from an experienced family law attorney. By hiring a lawyer, you can help make the right decisions for yourself and your family’s future. If you are considering a divorce, contact the Houston divorce attorneys of Garg & Associates, P.C. today at 281-362-2865.
Wedding Ring Possession
The following guidelines should be reviewed regarding the possession of the engagement or wedding ring after the relationship dissolves:
- Texas law applies the conditional-gift rule. This states that the engagement ring is a conditional gift that is given in contemplation of an eventual marriage.
- Because this contains an element of faith, Texas law will examine who is at fault for breaking the engagement. This will determine who keeps the engagement ring.
- For marriages, the ring can be treated as an asset and the couple can choose to sell the rings and divide the money that is received equally.
Because you have to prove fault for keeping the engagement ring, it is best to work with a lawyer to make sure this is done in the fairest way possible. Our divorce lawyers have years of experience representing the interests of clients and can help your chances for a favorable result.
Contact Us
If you are contemplating divorce or have any questions about family law, contact the Houston divorce lawyers of Garg & Associates, P.C. today at 281-362-2865.
