Wedding rings have long been a customary part of marriage. The exact amount that they cost tends to change based on a variety of factors, but studies do show that the average is $5,200. Many people spend thousands of dollars and may end up taking out loans or saving up for months to buy a ring.
This means that the ring could become one of the most expensive items that the couple owns. If their relationship ends, does the person who accepted the ring have to give it back, or do they get to keep it? This can be a significant source of conflict, so it’s important to know what to do.
Did the marriage already occur?
The key thing to remember is that the ring could be a conditional gift, not a direct gift. It was only offered in exchange for a promise to eventually be married.
As such, if the couple does get married, that can satisfy the condition, and it means that the owner of the ring gets to keep it. It was even given to them as a gift prior to the wedding, so it’s a separate asset. They own it, and they do not have to return it.
However, if the couple breaks up prior to getting married, the person who received the ring would have to give it back. It could only become their possession if the conditions were met, so the end of the relationship means they have to return it to the person who gave it to them.
This is just one example of how major issues can crop up regarding property division, and they can grow quite contentious. Couples who are going through this process must know what steps to take at this time.