Full question:
My wife and I have had a fallout in our marriage. We have been contemplating to get a divorce amicably. I was wondering about our marriage rings and how that would be settled in the event of a divorce. I bought our wedding rings which were a pair of 4 karat diamond studded platinum wedding bands. They have a substantial market value. Is there a way I can claim them both in the divorce settlement?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: Illinois
Answer:
Illinois is more of a common law state than a community property state when it comes to the property division in a divorce. In a community property state, any asset bought by either spouse is presumed to be owned by both of them and in the event of a divorce, they shall get 50% of it. In a common law state, although any asset bought either of the spouses is considered marital property, in the event of a divorce it will be divided “according to equity.” It means that a spouse might get a share of it: maybe half, maybe more, maybe less, maybe all, maybe none. It is up to the judge to decide how the property is distributed in according to equity.Engagement rings and wedding rings are sometimes one of the most substantial properties that the spouses might possess because of their value and liquidity. In Illinois, the engagement ring is returned to the man in cases where either the woman breaks off the engagement or when it is mutually called off. The law is not clear on what happens when the man breaks off the engagement.
Wedding rings, on the other hand, are considered to non-marital property as they are gifts to the spouses. Per 750 ILCS 5/503, it is clearly stated that gifts are considered non-marital property and are not to be part of the property division. It reads:
“(a) For purposes of this Act, "marital property" means all property, including debts and other obligations, acquired by either spouse subsequent to the marriage, except the following, which is known as "non-marital property":
(1) property acquired by gift, legacy or descent or property acquired in exchange for such property;
***”
(1) property acquired by gift, legacy or descent or property acquired in exchange for such property;
***”
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
