Engagement - and the sparkling, expensive piece of jewelry that typically accompanies it - is the subject of many romantic movies and books. The internet is replete with articles detailing exactly how much a man can expect to spend on an engagement ring, and in a new marriage, a ring is often a couple’s most valuable asset.
Unfortunately, not all relationships end up as happy and hopeful as the moment of engagement. When an engaged couple breaks off the engagement or a married couple decides to get divorced, there are often questions about what happens to the engagement ring or other gifts couples have purchased for each other that might be considered marital property.
What Happens to the Engagement Ring if We Do Not Get Married?
The fate of an engagement ring depends on who broke off the engagement, but generally, it must be returned. Illinois law has determined that if the recipient of the ring breaks off the engagement, she must return the ring. Likewise, if a couple mutually ends the relationship, the ring must be returned.
If the person who proposed breaks off the engagement, Illinois law is less clear. The majority consensus is that the recipient may keep the ring if the giver ends the engagement.
Do I Have to Give Back the Engagement Ring if We Get Divorced?
Because a ring is a gift given in anticipation of marriage, once the marriage has taken place the ring belongs to the recipient as his or her exclusive property. This means it is usually not considered marital property and is not subject to division in the event of a divorce....