Dividing belongings in a divorce can be difficult and lengthy and often involves disagreements that can take months to settle in court. One question that many ask while getting a divorce is who gets to keep the rings, the giver or the recipient? It’s important to know not only how assets are divided but also to talk to a trusted California divorce attorney in Pasadena about how you can achieve the most fair settlement in your divorce proceedings.
How Are Assets Valued in a Divorce in California?
Valuing assets in a divorce is often a lengthy process as it’s often difficult to place a value on things that might be sentimental or hard to determine the exact value of. However, California is referred to as a 50/50 state. What this means is that any assets gained during the marriage will be split 50/50 between both parties, including but not limited to property, finances, vehicles, and even debt, regardless of almost any other factors.
The 50/50 law, while on paper the fairest way to divide assets amongst a couple, is also much of the reason why divorce proceedings carry on as long as they do in California and why they often take months or even years to finalize. Proof of ownership can often be difficult to prove, and it is often hard to divide things objectively fairly, which makes even a small compromise difficult.
These negotiations over asset division are why it’s absolutely crucial to have an experienced California divorce attorney so that they can help you recover the most important things from your divorce settlement.
What Falls Under the 50/50 Law?
The 50/50 law observes community property as what is to be divided in a divorce. Community property is any asset that is gained during a marriage and falls into the pool of what is to be divided. This could be finances, vehicles, real estate, even debt, or anything else, regardless of whose name is signed on the documents.
What is not community property is anything owned before the marriage began or after it ended and is deemed “separate property.” While evidence of ownership is still usually required, this typically looks like vehicles, real estate, and personal belongings, such as clothes or collectibles.
Additionally, any inheritance or anything that can be considered a gift given specifically to one spouse is also separate property, regardless of whether it was obtained during the marriage or not. However, if this gift were to be involved with community property in any way, it is possible that it could be considered community property.
Who Keeps the Rings After a Divorce?
It’s important to know the differences between community and separate property, as marriage rings are technically considered separate property despite being owned by both parties at one point or another. While it is not necessarily state law, the courts tend to deem marriage rings as separate property. However, whoever owns it is conditional.
Basically, before the wedding happens, the rings are still the property of the owner of the rings or whoever bought them. If, at any point, both parties mutually agree to call off the wedding or the recipient decides to break it off themselves, the giver is entitled to their rings back. However, if the giver calls the wedding off, the receiver is allowed to keep the ring that was gifted to them.
After the wedding happens, the ownership of the ring falls to the gifted recipient. However, there are two notable exceptions to this division of rings, the first being the ring(s) being an heirloom with significant familial value. Typically, the court will side with whomever the family of the ring it originally belonged to.
The other exception is if an additional ring was purchased as a sort of “upgrade” to the original and can be viewed as community property, as typically, marriage rings represent a significant financial asset.
FAQs
Q: What Is the Etiquette for Divorce Rings?
A: Technically speaking, there really is no etiquette for divorce rings as they can be sold, kept, passed on, repurposed, or really anything else a person wants to do with it. It comes down to whatever each person is comfortable with and decides what to do with their respective rings as it is their property, and much like any other property, they are free to do whatever they wish with it.
Q: Who Keeps an Engagement Ring After a Divorce?
A: After a divorce, it’s common for the receiver of the engagement ring to keep it. This is typically viewed as a gift given to one specific spouse and is not usually divided in a divorce. However, if the ring is an heirloom or was upgraded further into the marriage, the engagement ring is often given back to the giver and proprietor of the ring(s).
Q: Is It Okay to Sell Wedding Rings After a Divorce?
A: Generally, yes, it is perfectly fine to sell wedding rings after a divorce. Divorce proceedings can be costly, and selling the ring(s) can be a great way to recover some of that cost. Additionally, many view selling the ring or getting rid of it as a symbol of moving on from a relationship, so it may sometimes be emotionally beneficial to do so.
Q: How Is Jewelry Valued in a Divorce?
A: Jewelry is usually valued as whatever the fair market value of that jewelry is. The fair market value represents what a person might realistically pay for something, so in the case of jewelry, this can fluctuate. For instance, a piece of gold jewelry purchased ten years ago may be worth more or less than what was paid for it based on the value of the gold on the jewelry, style trends, and current market trends of gold jewelry.
Contact a California Divorce Attorney
If you are in need of a trusted California divorce attorney to help you negotiate a fair division of assets, do not hesitate to contact the Khalaf Law Group today. We can help you not only negotiate the terms for your divorce but also offer you nearly two decades of experience, resources on the divorce process, and legal support throughout your divorce. Contact the Khalaf Law Group today.
