When you proposed to your spouse, you undoubtedly thought a great deal about the engagement ring. To give your wife or husband the perfect ring, you even may have had to stick to a tight budget. After all, according to reporting from CNBC, most proposers spend three months’ worth of their salary on the ring.
If you chose to propose with your family’s heirloom ring, though, the value of the ring may be significantly more. In addition to having monetary value, the ring is invaluable to your family. So, can you get the ring back when you divorce your spouse?
Is an Heirloom Ring Marital or Separate Property?
As you probably know, Colorado law requires divorcing couples to divide their marital property equitably. This approach ensures you and your soon-to-be ex-spouse end up with a fair share of everything you own and owe.
Marital property includes most assets acquired during the marriage, but items given as personal gifts—such as an engagement ring—are generally considered separate property.
Does a Family Heirloom Ring Have an Exemption?
Even though the heirloom ring may hold significant family value, Colorado law generally does not grant automatic exemptions based on sentiment or family history. Without a prior agreement stating otherwise, the ring remains your spouse’s property after divorce and he or she can keep it or dispose of it as he or she sees fit.
What If We Have a Prenuptial or Postnuptial Agreement?
If you have a pre- or postnuptial agreement that requires your spouse to return the engagement ring in the event of a divorce, the ring probably comes back to you. If not, you may want to think about drafting a postnuptial agreement before serving your spouse with divorce papers.
Ultimately, even though your soon-to-be ex probably has a legal claim to the heirloom engagement ring, you may be able to give up something your spouse wants in exchange for the ring’s return.
Can You Negotiate for the Ring’s Return?
If no marital agreement exists, negotiation may be your best approach. In some cases, offering another asset or making a concession on a different issue may lead to a trade that returns the ring to your family.
Talk to a Boulder Divorce Attorney About Your Options
Divorce cases involving family heirlooms can be complicated, especially if there are strong emotional ties and unclear ownership rights. A knowledgeable Boulder divorce lawyer can review the specifics of your case, advise you on legal protections for family valuables, and help you explore options for reclaiming or negotiating for your heirloom ring. Schedule a consultation today to discuss your unique situation and learn the best path forward.