Even though your marriage is heading for an inevitable divorce, you love your engagement ring. After all, not only does the ring remind you of happier times, but it also looks great on your finger. You may even want to pass your engagement ring to your son or daughter in the future.
When you divorce your husband or wife, you eventually must divide your marital estate. Often, divorcing spouses use settlement negotiations to decide who gets what. If you cannot come to an acceptable understanding about everything you and your spouse own, though, a judge is likely to decide for you.
Minnesota is an equitable distribution jurisdiction
Some states require judges to split the marital estate in half, as they consider both spouses to own 100% of it. That is not the case in Minnesota, however. In the Gopher State, judges apply principles of equity when choosing how to divide marital assets. With this approach, you may not wind up with exactly half. Still, you and your soon-to-be ex-spouse each should receive a fair share.
Some property is not part of the marital estate
It is important to note, some of your property does not belong to the marital estate. If your property is separate, you probably do not have to divide it with your husband or wife. Separate property typically falls into four categories:
- Items you owned before you wed your spouse
- Items you independently inherited
- Items a third party gifted to you specifically
- Items defined as separate property in a pre or postnuptial agreement
Your engagement ring was a gift your then-fiance gave to you individually. Ultimately, provided there is no agreement that says otherwise, the ring is likely to be a separate property you can keep after your marriage ends.