If your partner proposed to you with an engagement ring, you may be wondering what will happen to it if you decide to get divorced.
Engagement rings can be extremely valuable and can hold sentimental value, for example if it is a family heirloom. So, who does it belong to if you decide you no longer want to be married?
Who will get the engagement ring in the divorce?
Section 3(2) of the Law Reform (Miscellaneous Provisions) Act 1970 states that engagement rings are an absolute gift. It is therefore your property. This could be rebutted if the marriage never took place but if you have been married and are now separating then your engagement ring is yours to keep.
It may be the case that you do not want to keep your ring and are inclined to return it to your ex-partner. If this is the case and especially if the ring is valuable, then it could be argued that your ex-partner should renumerate you for it in your financial settlement.
Whether you want to keep your ring or not, it should be accounted for when you disclose your finances ahead of negotiating an agreement. The place for this is in your Form E at section 2.8 where you need to list all of your chattels worth more than £500.
What value should I disclose?
The value you disclose should be the value of your ring now rather than the price for which it was purchased. You should think about how much you would expect to receive if you were to sell it to a second-hand jeweller. Jewellery can drop in price dramatically once used and this is especially the case for engagement rings which can be considered bad luck when purchased second-hand.
Do I need to have my ring valued?
You may not need to go to the trouble of having your ring valued if it is unlikely to be a point of contention between you and your ex-partner. Your solicitor should be able to advise you about whether it is necessary to have a formal valuation.
If you have any further questions, please get in touch with our Family team to discuss.