Who gets the Diamond Ring?

When getting a divorce, who gets to keep the diamond ring? When a couple are engaged and do not get married, in Wisconsin, the law dictates that the ring gets returned to the person who bought it, irrespective of who broke off the engagement. The ring must be returned. What happens to the diamond ring in a divorce case?

All property acquired either before or during the marriage is subject to equal property division at the time of the divorce. The only property exempt is property acquired from a third party as a gift or inheritance. Inter-spousal gifts are not exempt from property division. They are part of the marital estate. So what happens to the diamond ring?

One party can keep the ring, subject to paying the other 1/2 of the current value. The ring can be appraised by a jeweler to determine the value and if the ring by example is worth, $5,000, if they wish to keep the ring, they either have to pay $2,500 to their spouse or use other property to compensate for the 1/2 value in the ring.
The ring can be sold. The parties can agree to sell the ring or place on consignment with a jeweler, with the parties agreeing upon sale, to split the net sale proceeds 50/50, less any consignment or broker fees associated in selling the ring off.
If you have questions on property division when going through a divorce in the state of Wisconsin, contact the experienced family lawyers at Karp & Iancu, S.C. today.