In the event of a divorce in Illinois, does the husband get back the wedding ring he gave his wife?
Full Question:
My wife and I have had a fallout in our marriage. We have been contemplating to get a divorce amicably. I was wondering about our marriage rings and how that would be settled in the event of a divorce. I bought our wedding rings which were a pair of 4 karat diamond studded platinum wedding bands. They have a substantial market value. Is there a way I can claim them both in the divorce settlement?
11/24/2016 |
Category: Divorce ยป Property Set... |
State: Illinois |
#27120
Answer:
Engagement rings and wedding rings are sometimes one of the most substantial properties that the spouses might possess because of their value and liquidity. In Illinois, the engagement ring is returned to the man in cases where either the woman breaks off the engagement or when it is mutually called off. The law is not clear on what happens when the man breaks off the engagement.
Wedding rings, on the other hand, are considered to non-marital property as they are gifts to the spouses. Per 750 ILCS 5/503, it is clearly stated that gifts are considered non-marital property and are not to be part of the property division. It reads:
“(a) For purposes of this Act, "marital property" means all property, including debts and other obligations, acquired by either spouse subsequent to the marriage, except the following, which is known as "non-marital property":
(1) property acquired by gift, legacy or descent or property acquired in exchange for such property;
***”
(1) property acquired by gift, legacy or descent or property acquired in exchange for such property;
***”