A diamond ring’s sparkle or a family heirloom’s sentimental value can quickly lose its luster in divorce. What happens to jewelry when couples decide to call it quits?
Determining if the jewelry is a gift or a marital asset
Courts generally classify jewelry into two categories:
- Marital property: Items acquired during the marriage.
- Separate property: Items owned before marriage or received as gifts or inheritance.
Following an equitable distribution approach, Tennessee courts divide marital assets fairly but not necessarily equally. They often look into the marriage duration, spousal contributions to property acquisition and each party’s finances.
Who gets what?
Most states, including Tennessee, treat engagement rings as conditional gifts. If the marriage happens, the ring becomes the recipient’s separate property. The giver may reclaim the ring if the engagement ends before marriage.
Wedding bands and anniversary gifts typically qualify as marital property. Divorce proceedings often divide these items along with other shared assets.
Family heirlooms, meanwhile, can be tricky. Courts usually consider an heirloom separate property if one spouse received it as a gift from their family. Still, courts may treat it as marital property if the couple received it jointly.
In some cases, couples may choose to sell valuable jewelry and split the proceeds. This solution only works if neither party has a strong emotional attachment to the items.
If you are going through a divorce and have concerns about jewelry or other asset division, it is best to seek professional help. A reputable divorce lawyer in Tennessee can help clarify your marital property and jewelry rights.