An ultimate goal of many Texas spouses who divorce is to achieve a fair and comprehensive settlement in as little time and as painlessly as possible. However, when asset division problems arise, it can create obstacles that can get in the way of achieving those goals. A specific issue that sometimes throws property division proceedings offtrack involves wedding rings.
Who owns the wedding rings? Are they marital property or separately owned? Numerous factors may influence a court’s decision on this topic. For instance, if the spouses in question signed a prenuptial agreement, they may have incorporated terms concerning their wedding rings. Also, if a groom gives a bride a ring that is a family heirloom of his, the judge overseeing the case might rule that it is an inheritance and is therefore, separately owned property.
Texas is one of nine community property states in the nation. Marital property is typically split 50/50 in divorce, which is why it is important to determine whether the wedding rings are community. Some people want to sell their wedding rings. Others like the idea of finding a sense of symbolic closure by tossing their ring into a fire or into the ocean. However, when the asset is disputed, a court will have to decide whether the ring in question is a marital asset subject to community property division.
When Texas spouses disagree about asset division, it can spark an emotional battle that often leads to formal litigation. Some spouses discover that their exes try to hide assets to gain the upper hand in proceedings. To protect one’s rights and financial interests in divorce, it is always best to rely on an experienced family law attorney for support.