Engagement rings can be very expensive. Some reports claim that the average cost of an engagement ring in 2024 is around $5,500. There are people who spend tens of thousands of dollars on this single piece of jewelry.
As a result, things can get contentious if the relationship ends. Who gets to keep that expensive engagement ring, the person who purchased it or the person who received it as a gift?
A conditional gift
As a general rule, an engagement ring is a conditional gift. When someone proposes to their significant other, they ask that person if they will marry them. The person says yes and then receives the ring.
The condition here is that they do need to get married. That’s what they agreed to and it’s the only reason they received the gift in the first place. If they had said no, their partner would not have given them the engagement ring and there would be no question about ownership.
As such, if the engagement ends prior to the wedding, the person who bought the ring likely gets it back. They may be able to return it or sell it to someone else.
However, if the couple does get married, then the condition has been satisfied. If they later get divorced, the receiver may not have to give the ring back. Since it was a direct gift to them before the wedding, they may be allowed to keep it – if they would like – after the divorce.
Dividing assets
This is just one of the ways that dividing assets can get complicated for couples who are ending their relationships. Those involved need to know what legal steps to take.