When many Ocala women get engaged, the engagement ring is an expensive item they receive from their fiancé. Many of these rings are fancy and cost the men many thousands of dollars. But, when a marriage heads for divorce the wedding ring can be a point of contention for couples.
There are a few scenarios that can occur when it comes to what happens to an engagement ring in a divorce. One is if a person has the right to keep the ring. If the ring was a family heirloom and has been in the groom’s family for generations it could be treated as an inheritance and would be separate property and have to be returned to the groom. The ring may also be considered separate property and the bride would be allowed to keep it or it could be considered marital property in which case its value would be divided in a divorce.
Unfortunately not every marriage in Central Florida lasts forever. When a divorce becomes imminent there may be many special possessions, including an engagement ring, that are valuable and may be a point of contention in a divorce. A legal professional who is skilled in divorce can help their client through the many issues that can come up during the process. Asset division can be complicated and emotions are high. An attorney can help their client protect their interest in major assets and will put their client’s best interests front and center.
A wedding ring can be a major asset in a marriage, along with the family house and investment accounts. It can be important to have an attorney who understands the assets allocation process in Florida and works hard to protect their client’s interests.