Even though you are ready to end your marriage and move on with your life, you have taken a liking to your engagement ring. After all, not only does the ring remind you of more joyful times, but it is also beautiful. Moreover, depending on its makeup and history, your engagement ring may have considerable value.
While you may not want to continue to wear your engagement ring, you certainly do not want to part with it. Luckily, because your engagement ring was a conditional gift your current spouse made to you, you probably do not have to worry about returning the ring during your divorce.
According to Virginia law, couples who divorce in the commonwealth typically must divide marital assets equitably. One spouse usually can keep any assets that qualify as his or her separate property, however. Even though your wedding ring is likely part of your marital estate, your engagement ring is a different matter.
Engagement rings generally are separate property. This is because they are gifts one person makes to another on the condition of marriage. When you walked down the aisle and said, “I do,” you completed your part of the deal. Therefore, your soon-to-be ex-spouse probably has no legal claim to your engagement ring.
There is an important caveat you should not overlook, however. If you and your spouse have a prenuptial or postnuptial agreement that specifically covers your engagement ring, you may have little choice but to do what the agreement says.
Ultimately, absent an on-point marital agreement, you probably have full control over what you decide to do with your engagement ring after your divorce concludes.