Valentine’s Day is one of the top days for people to propose to their boyfriend or girlfriend. If you’ve begun planning a Valentine’s Day proposal, be sure to take some time to familiarize yourself with the legal implications of proposing to and marrying your partner.
The Legal Status of Engagement Rings
You may purchase an expensive engagement ring as a sign of love for your spouse-to-be. Some people also view engagement rings as a sign of the proposer’s financial stability. However, some engagements unfortunately end in a breakup rather than a wedding. What happens to an engagement ring after a proposal – can the proposer ask for the ring back if the couple separates?
In New York, an engagement ring constitutes a conditional gift, or a gift made in contemplation of marriage. As a result, the proposer can ask for the ring back if the couple separates before the wedding. However, once the couple gets married, the ring’s recipient has fulfilled their obligation and owns the ring free and clear. New York also treats engagement rings as separate property, meaning they do not fall into the category of marital property subject to division in divorce.
However, if a person gives an engagement ring as part of a gift-exchanging event, the law may consider the ring an outright gift. Furthermore, giving an engagement ring during a special occasion where a person traditionally receives gifts, such as Valentine’s Day, Christmas, or a birthday, may lead to the ring becoming a true gift, entitling the recipient to keep it.
Understanding Prenuptial Agreements
A prenuptial agreement is a legal contract that a couple pursuing marriage can create to clarify their respective financial rights and responsibilities, especially if they later divorce. Couples create prenuptial agreements to resolve the difficult financial questions that may arise in a divorce, allowing spouses to protect their respective assets or financial interests.
Engaged couples should dispel a few common misconceptions about prenuptial agreements. For example, prenuptial agreements should not reflect an expectation of divorce or a lack of trust. Instead, couples can view them as a means of protecting each other should the worst befall the relationship. Prenuptial agreements can also protect each spouse’s loved ones in situations where spouses have children from prior marriages, business ownership interests, or the expectation of receiving family inheritances.
A valid prenuptial agreement has several legal requirements, including full financial disclosure, relative fairness in terms, and both spouses having the opportunity to seek independent legal counsel.
Legal Considerations for Marriage
Couples considering marriage should understand the legal considerations and consequences. First, couples should view marriage as an emotional commitment and a legal contract. Marriage often involves couples jointly supporting one another and their nuclear family; in divorce, spouses may continue to have an obligation to support one another and their children. Finally, marriage comes with multiple legal changes for spouses, including healthcare decision-making rights and obligations, altered tax status (couples must either file “married filing separately” or “married filing jointly”), and how spouses may use the inheritances they receive during marriage.
Contact a Family Law Attorney Today
Before you propose this Valentine’s Day, talk to a family law attorney to discuss what you need to know about engagement rings, prenuptial agreements, and the legal consequences of marriage. Contact Lisa Zeiderman today for a confidential consultation with our team to discuss your rights and options.