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?
Property division
As you probably know, Colorado law requires divorcing couples to divide their marital estates. Under state law, most couples do so equitably. This approach ensures you and your soon-to-be ex-spouse end up with a fair share of everything you own and owe.
Exemptions
While you likely must divide your marital property, you and your spouse probably can keep anything that belongs exclusively to you. Unfortunately, your heirloom engagement ring undoubtedly falls into this category. That is, because you gave the ring to your spouse, he or she can keep it or dispose of it as he or she sees fit.
Marital agreements
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.