Going through a divorce usually requires divvying up marital assets. While some assets may have little sentimental value, others remind you of happier times. Your wedding ring probably falls into the latter category. On the other hand, even if you feel no emotional connection to the ring, it may be quite valuable.
According to reporting from CBS News, wedding rings can range in value from a couple of hundred dollars to thousands of dollars. Whether you intend to save your ring, give it to your son or daughter or pawn it, you may wonder whether you have a right to keep your wedding ring after your divorce.
Is your ring part of your marital estate?
Like most other states, Alabama uses the equitable distribution approach to dividing marital assets during a divorce. This means you and your soon-to-be ex-spouse likely must split your marital wealth fairly. Your ring may not be part of the marital estate, though.
Usually, separate property falls outside of the equitable distribution rules. This means that while you must split marital assets, you can keep your separate property. As a gift, your wedding ring is probably separate property that is not subject to equitable distribution.
Do you have a nuptial agreement?
Pre- and postnuptial agreements often categorize property as either part of the marital estate or separate from it. If you have one of these agreements, you may want to read through it to see if it speaks to your wedding ring. If it does, you may have to comply with the terms of your nuptial agreement.
Ultimately, because there may be some wiggle room, you should be sure to tell your divorce attorney about your interest in keeping your wedding ring after your divorce.