In North Carolina, engagement rings are generally considered separate property, rather than marital property, in the event of a divorce. This means that the person who received the engagement ring during the engagement or prior to marriage will likely keep it after the divorce.
Under North Carolina law, separate property is defined as any property acquired by a spouse before the marriage, property acquired during the marriage by inheritance or gift, and any increase in the value of separate property during the marriage. Since an engagement ring is typically given as a gift prior to the marriage, it is considered separate property and is not subject to division in a divorce.
However, there are some exceptions to this rule. If the engagement ring is given during the marriage or if it was purchased using marital funds, it may be considered marital property and subject to division in a divorce. For example, if a couple jointly purchased an engagement ring using funds from a joint bank account, it would likely be considered marital property and subject to division.
It is important to note that North Carolina is an equitable distribution state, meaning that marital property is divided fairly, but not necessarily equally, between spouses during a divorce. The court will take into consideration various factors, such as the length of the marriage, each spouse’s contributions to the marriage, and each spouse’s financial situation, when determining how to divide marital property.
An engagement ring is typically considered separate property in North Carolina and is not subject to division in a divorce. However, if the ring was given during the marriage or purchased using marital funds, it may be considered marital property and subject to division.
Contact the Law Offices of Stephen E. Robertson for any questions regarding Engagement Ring Marital or Separate Property or any other family law issues which you may have.