When you are getting divorced there are a lot of things to worry about. You need to determine how assets and debts will be divided, what to do about child custody if there are children involved, as well as spousal support and other issues.
Another thing to consider when working through the divorce process is how to address engagement rings. Are engagement rings considered community property? Keep reading to learn more about engagement rings, community property, and how Kendall Gkikas & Mitchell, LLP can help with your divorce.
Ignore the Emotional Value of Engagement Rings
Unlike other assets, there is an emotional value attached to engagement rings. Even other pieces of jewelry do not carry the same emotional value as an engagement ring. In most cases, the emotional value of an engagement ring can be even higher than the monetary value. When going through the divorce process, the emotional value of an engagement ring is not something the court will take into account.
Engagement Rings are Typically Considered Separate Property
In most instances, both wedding rings and engagement rings are considered separate property. These rings are considered “conditional gifts” or “gifts in contemplation of marriage” in most cases. Under this presumption, the person gifting the ring did so as a condition of marriage, and they also owned the ring as separate property before the marriage.
In instances where the engagement was broken off, the gifting party can also ask for the ring back. This is because the ring is a “conditional gift” and it is provided under the condition that they get married. If the couple does not get married, the condition for the gift is not met and it should be returned.
For help dividing assets in a divorce, contact Kendall Gkikas & Mitchell, LLP today!
Let’s face it, divorces are not fun. Neither is trying to divide up all of the community property amassed during a marriage. The good news is that Kendall Gkikas & Mitchell, LLP is here to help. We have over 27 years of experience in family law and can help you obtain the best settlement possible when it comes to dividing your assets. Our skilled family law attorneys are knowledgeable and will fight tirelessly for you. Give us a call today at 909-482-1422 to schedule your initial consultation.
To learn more about the reliable and quality family law services that we offer, visit us on the web at Kendall Gkikas & Mitchell, LLP.