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Many people have property that they never would want to lose. During divorce in Michigan, many people hope to keep some property that they have accumulated during the marriage during the property division. Some people want the same things that their soon to be former spouse wants.
This can often cause some debate, but many times through negotiations, couples can work out a fair property division agreement. Although very small in size, a wedding ring may fall at the center of the property division debate. There can be significant monetary and sentimental value attached to a ring that may be hard for some people to give up.
Whatever the case for a spouse wanting to keep the wedding ring, there may be certain ways to determine who has the rights to it. This often depends on the local jurisdiction of the divorce, who bought the ring and how it was given to the other person, as well as reason for the divorce.
Speaking with an attorney who is experienced with property division in Michigan divorce can help each spouse understand the legal process involved with property division. They can also help work out a fair agreement to help divide the couple’s property.
Until a divorce decree with a property division agreement is worked out, it might be a good idea to have the wedding rings appraised and then store them in a safe place. Having property appraised will help the couple obtain an overall picture on the value of their property.
Source: The Huffington Post, “5 Things To Know About Your Jewelry When Getting A Divorce,” Steve Hami, March 20, 2012