How do you handle the wedding rings during a divorce?
If you are on the road to ending your marriage, you undoubtedly realize you must divide your marital estate. According to Ohio law, divorcing couples typically do so equitably. As such, you should receive a fair percentage of your marital wealth, even if you ultimately do not get exactly half of it.
While it may be comparatively straightforward to divide cash, your home, vehicles and other assets, you may wonder how to handle your wedding rings. Fortunately, unless you have a marital agreement that addresses them, you and your soon-to-be ex-spouse can probably each keep your wedding rings.
A conditional gift
Before getting to your wedding ring, it may be instructive to think about your engagement ring. That ring is a conditional gift that depends on your wedding taking place. If the wedding happens, you fulfill the condition and can probably keep your engagement ring forever.
The same is true for your wedding ring. When your spouse gave your ring to you during your marriage ceremony, you fulfilled the condition when you said, “I do.” Consequently, you have lived up to your end of the bargain regardless of if and when your marriage ends.
As a gift, your wedding ring is likely to be separate property rather than part of your marital estate. Under Ohio law, divorcing spouses generally keep pieces of separate property. You can change this distinction by entering into a pre- or post-marital agreement, though.
If you have a legally binding marital agreement, it is advisable to read through the agreement before beginning your divorce process. After all, the agreement may tell you exactly what must happen to your wedding ring when you divorce your spouse.