You have some very clear memories from your wedding day, including the moment your husband or wife slipped a wedding ring onto your finger. Now that you are in the process of divorcing your soon-to-be ex-spouse, however, you no longer have any interest in wearing your wedding band.
According to reporting from CNBC, the average value of an engagement ring in the U.S. is almost $6,000. While your wedding ring probably is not worth quite as much, you might be able to sell it for some much-needed cash. Is it ok to sell your wedding ring in the lead-up to your divorce, though?
Virginia’s property distribution scheme
When a married couple divorces in Virginia, the court has the authority to distribute all marital assets equitably. Judges typically do this when a divorce concludes. Nevertheless, courts often issue freeze orders that prevent the sale of marital assets when a divorce is pending. These orders keep both spouses from dissipating the marital estate.
Virginia’s property classification scheme
In the Old Dominion, judges only can distribute marital and hybrid property. This means you probably can keep separate property, which is anything that belongs exclusively to you. Your wedding ring, though, is part of your marital estate. As a result, it can be subject to property division during your divorce.
It is not uncommon for courts in Virginia to allow each divorcing spouse to keep his or her wedding ring. Ultimately, however, it is probably advisable to wait to sell your wedding ring until your divorce becomes final.