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ScottyMacEsq
ScottyMacEsq, Lawyer
Category: Family Law
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Experience:  Licensed Texas General Practice Attorney
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Are engagement ring and wedding ring both considered community

Resolved Question:

Are engagement ring and wedding ring both considered community property in a divorce? He's using the purchase price (both rings bought 20 years ago) as the basis of computing equalizing payments.

I have been separated from my husband since August 1, 2010. He is claiming that his antique collections (Ceramic feeders) have gone down in market value and therefore, he has sustained a loss. He saying that this loss should be factored in the computation of equalizing payments to split the loss 50/50 between us. However, the basis of the market value he's using was derived recently from E-Bay sales transaction that occurred in November-December 2010 and Jan-Feb. 2011. Shouldn't the market value be based on July-August 2010 sales transactions or at the time of separation?

So now, he's saying that since the two rings are in my possession and he sustained a loss for the antique ceramic feeders, I should pay him half to split the loss 50/50 between us?
Submitted: 3 years ago.
Category: Family Law
Expert:  ScottyMacEsq replied 3 years ago.

ScottyMacEsq :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacEsq :

All items acquired by either spouse belong to the "marriage." That is, the value of the items gets evenly split. Since the wedding rings are acquired during the marriage--right at the time the marriage begins--the value of the rings is split. Both wedding rings belong to both parties. Maybe they get sold and the money is split. Maybe each party keeps his or her own ring if the rings are of equal value. Maybe something else. But the point is, the wedding rings belong to the "marriage."

The engagement ring, however, is usually a gift from the man to the woman given before the marriage begins. It's not "marital property." It's "pre-marital" property which belongs to the wife. The woman keeps it, and its value is not split during the divorce.

ScottyMacEsq :

In terms of the loss after your separation, that's hard to say. Anything gained or lost after separation would be separate property, but this is a loss that occurred that was community property at the time of the loss.

ScottyMacEsq :

And a loss that is associated with community property is going to remain community property.

ScottyMacEsq :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please select the "accept" button. If you have already clicked "accept", or if you will in the future, please let me know so I can track these for my own reports and customer satisfaction stats. Thank you, XXXXX XXXXX good luck to you!

ScottyMacEsq, Lawyer
Category: Family Law
Satisfied Customers: 11709
Experience: Licensed Texas General Practice Attorney
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