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Do you stand to lose an heirloom engagement ring in your divorce?

On Behalf of | Aug 12, 2022 | Divorce |

Thanks to the popularity of reality television shows and social media, some women demand marriage proposals that are nothing short of epic. If you want to make your proposal as special as possible, you may be thinking about dropping to one knee and presenting your girlfriend with an heirloom engagement ring.

The heirloom ring has been in your family for generations, making it extremely valuable to your relatives. If you do not take steps to protect the ring, though, you may forever lose it in a future divorce. That is, your soon-to-be spouse may have full control over what happens to the ring.

Property division

In Tennesse, husbands and wives typically have an equitable interest in their marital estates. This means if you divorce, you should end up with an equitable percentage of your marital assets. You likely can keep everything you own individually, though, as can your spouse.

Because engagement rings are premarital gifts, they usually are not marital assets. Indeed, they typically are pieces of separate property that belong exclusively to the receiving spouse.

Prenuptial agreements

Because you have not yet walked down the aisle, you can protect your heirloom engagement ring simply by drafting a prenuptial agreement. This agreement can require your spouse to return your heirloom ring to you in the event of a divorce.

According to Business Insider, prenuptial agreements are becoming more popular with younger Americans, so your girlfriend may be more amenable to one than you think. Ultimately, both to keep your family happy and to safeguard your heirloom ring, you should consider at least discussing the possibility of one with your soon-to-be wife.