Rings and Divorce
When a couple exchanges vows expressing their devotion to one another and their eternal union, they typically exchange rings. As a symbol, these rings are priceless, but once the decision is made for a marriage to come to an end, they may still have considerable market value. This leaves couples with the difficult question of who owns these rings after divorce.
If you or someone you love is going through a divorce, you undoubtedly have a number of questions about property and rights as you go about dissolving your union. Do not hesitate to seek the advice and help of the experienced Austin divorce attorneys at KennonLegal, LLP. Call 512-931-3726 to speak with someone about your divorce today.
Ownership of Wedding Rings
According to a report by the diamond industry in 2007, the average cost of an engagement ring was $2,100. This is no small amount of money. Then there is the additional complication of family heirlooms. The difficulty with ring ownership is that, once these rings are exchanged, they are legally considered to be a gift. Once gifted, an item becomes the legal possession of the recipient. If a ring costs an arm and a leg, or is a family heirloom, the best way for a person to protect desired property is to draft a prenuptial agreement that defines ownership of the ring in the event of a divorce.
At KennonLegal, LLP, we understand that these issues are delicate in addition to being complicated. Call our compassionate Austin divorce attorneys at 512-931-3726. We are standing by to advise and guide you through this turbulent time in your life.