From engagement rings and expensive watches to family contributions towards a home, CJCH Solicitors looks at what can happen to gifts and valuable possessions when relationships come to an end.
It is that time of year again when we start buying gifts for our partners, and these can often be expensive tokens of affection and wonderful to receive. It only becomes an issue if you later separate or have a disagreement about who may own the item and this is when we can help.
During divorce proceedings, assets of value need to be listed and included in the division. This can usually include items over £500 such as jewellery, watches, art and cars, which may have been brought during the marriage together or provided as gifts.
If both of you agree it was a gift then it can be removed from the list of assets to be divided as there is no dispute. However, if you disagree on who bought or owns the item, it may have to be determined by the court.
To try to prevent these arguments it is always best, even if boring and unromantic, to keep receipts and paperwork about any valuable assets you buy, and details of these items and their ownership can be recorded in a variety of different documents.
If you intend to marry, a pre- or post-nuptial agreement can include the items and refer to future gifts, setting out an agreement to disregard them in any future divorce settlement. If you are not married, then a cohabitation agreement could record the details of who is to retain gifts purchased during a relationship.
For many, the ultimate gift at Christmas is an engagement ring and, in general, it is recipient who would keep it as an unconditional gift.
Gifts from family members can also be recorded in a similar way, especially if family provide lump sums of money to purchase a home. This can often cause a dispute later down the line if there is a separation.
We would always recommend getting advice as soon as possible. We are here to help prevent disputes in the future by drafting the appropriate documents to protect you and your family. We can’t tell you what to get your partner for Christmas, but we can make your future happier.
