In the UK the cost of an engagement ring can be considerable, with the average cost being around £2,000.00. Of course, engagement rings can exceed this amount considerably, with Grace Kelly’s engagement ring being worth an estimated $45 million.
It is therefore possible that, if an engagement were to break down, the issue of who should keep the ring would be particularly contentious.
According to The Law Reform (Miscellaneous Provision) Act 1970, it is clear that “the gift of an engagement ring shall be presumed to be an absolute gift.”
It is therefore likely that the recipient of the engagement ring will be entitled to keep it if the marriage does not proceed. However, this presumption may be rebutted by proving that the ring was given on the condition, whether express or implied, that it should be returned if the marriage did not take place for any reason.
As such, if the person who has gifted the engagement ring is able to prove that it was intended that the ring should be returned if the marriage did not proceed, then they may be able to recover the engagement ring.
If the parties do marry but subsequently divorce, the engagement ring and any other assets may be dealt with entirely differently.
In order to avoid any potential disputes arising in respect of the ownership of an engagement ring, or in fact any matrimonial assets if the marriage were to proceed, the parties to a marriage should consider entering into a Pre-Nuptial Agreement, particularly where there are significant financial resources upon entering the marriage.
If you or anyone you know would like advice in relation to a Pre-Nuptial Agreement, please contact our family team on 01206 835300.