Part of the fun of finding the love of your life is designing an epic proposal. If you want your soon-to-be spouse to feel special, you may decide to propose with your family’s heirloom engagement ring. After all, because your family treasures the ring, it may reflect your genuine intentions to spend the rest of your life with your new spouse.
As you undoubtedly know, marriages that start off on the right foot often fail. According to data from World Population Review, divorce is more common in Florida than it is in much of the rest of the country. To ensure your family does not forever lose its heirloom engagement ring, you may want to have a prenuptial agreement.
What is the risk?
The biggest risk of not having a prenuptial agreement is relinquishing your family’s heirloom ring permanently. This is because the engagement ring is a gift you give specifically to your soon-to-be spouse. As such, absent a prenuptial agreement, your spouse can probably keep the ring after your divorce.
What does a prenup do?
Prenuptial agreements are becoming increasingly popular in the U.S., especially among younger couples. In your prenuptial agreement, you can divvy up marital property to help you avoid protracted divorce litigation. You also can address specific assets, such as your family’s heirloom ring.
If you want your spouse to return the ring in the event of a divorce, you can make the requirement clear in your prenup. Ultimately, though, because your intended spouse must agree to sign the prenup for it to become legally binding, it is advisable to gauge his or her willingness to do so before handing over the heirloom ring.