Keeping Your Engagement Ring After a Divorce

1. Keeping Your Engagement Ring After a Divorce Divorce can be a challenging and emotionally taxing experience, especially when it comes to the division of assets. Among the many items to consider, the fate of the engagement ring often holds significant sentimental and financial value. An engagement ring symbolizes a promise of marriage and is typically given in anticipation of that union. Traditionally, a ring is considered a gift from one partner to another in contemplation of marriage. However, in the event of a divorce, its status as a gift can blur, leading to disputes over ownership. In Quebec, family patrimony and matrimonial regime are two distinct legal concepts that govern property rights and division within marriages or common-law partnerships. Let us break down the rules of separation of property in the event of a divorce. Matrimonial Regime The matrimonial regime refers to the legal framework that governs how property is owned and managed within a marriage or civil union. It dictates the ownership and division of property during the relationship and in the event of separation, divorce, or death. In Quebec, spouses can choose their matrimonial regime through a marriage contract

2. (prenuptial agreement) or by default under the legal regime of partnership of acquests (Régime de la société d’acquêts). The legal regime of partnership of acquests is the default regime unless the spouses have chosen otherwise. Under the partnership of acquests, property acquired during the marriage is considered joint property, with both spouses having equal rights to it. However, property acquired before the marriage, inheritances, and gifts received during the marriage are considered separate property. Family Patrimony Family patrimony refers to a specific set of assets and rights that are subject to special rules regarding division upon the breakdown of a marriage or civil union in Quebec. It aims to protect the economic interests of both spouses, especially those who may have devoted their time to domestic tasks rather than paid employment. Family patrimony includes the family residence (principal residence where the family resides), household furnishings, vehicles used for family purposes, and certain pension benefits accrued during the marriage. Unlike the matrimonial regime, family patrimony is a mandatory regime imposed by law and applies regardless of the matrimonial regime chosen by the spouses. Upon the dissolution of the marriage or civil union, the family patrimony is divided equally between the spouses, regardless of ownership or contribution, subject to certain exceptions and considerations. Where does your engagement ring fit in all of this? Usually, due to the nature of the gift of an engagement ring, it is considered a personal gift, and therefore remains in the possession of the person who received it as a gift. Engagement rings are considered personal property of the spouse who received the ring, and they are entitled to keep it. It’s essential to note that the treatment of engagement rings in divorce or separation can also depend on various factors, including the circumstances of their acquisition, and any agreements between the spouses, also if it is a family heirloom, or from an inheritance. Reference URL - https://www.spuntcarin.com/keeping-your-engagement-ring-after-a-divorce/