What Should You Do With Your Engagement Ring After The Divorce? (Pt. 1)

Engagement rings can cost a fortune. But their resale value never reflects that cost…

 

Engagement rings, with their promise for the future and sparkling beauty, are a lasting symbol of love. In reality, however, that love doesn’t always last. And now you’re divorced but you still have the ring. So what now? What should you do with your engagement ring now that you’re single? Countless women have asked themselves that question over the years, and in truth, there is no right answer. But there are options to consider. Here are a few…

 

Give it back to your ex.

This may seem like an obvious choice, and for many people, it’s the right one. Lots of women feel that because it was given to them by that special someone to celebrate their future life together, it should rightfully be given back when that life doesn’t work out as planned.

 

There is also the chance that your ex will ask for it back, especially if they paid a lot for it and are now faced with attorney’s bills and alimony payments. Not returning it in this case may cause a fight. Other factors to consider would be whether or not the ring is a family heirloom in your ex’s family. If so, it would be kind to return it so that it could be kept in the family and given to someone else.

 

As it stands, traditional engagement ring etiquette states that the ring should be returned to the giver if the engagement is broken up by mutual agreement, or if the woman calls the wedding off. If an engagement is broken by the man, however, the woman gets to keep the ring. The law, however, does protect gifts. Which means that a premarital gift, such as an engagement ring, is considered to be the separate property of the recipient and typically not required to be returned.

 

Sell it or trade it in.

For many women, life after divorce can mean a much tighter budget and a smaller income to live on. The money received from selling your engagement ring could mean the difference between being able to pay a few months rent upfront on your new apartment, or moving in with a friend.

 

If you choose not to return your ring to your ex, but don’t want to keep it around to remind you of painful losses, then selling it might be the best option. If you need the cash, then a simple trip to a local jeweler or even a pawn shop would be your best option. If you aren’t in dire need of the money, then you might consider a trade. Certain gold and diamond buying pawn shops will allow you to trade in your ring and then select another piece of jewelry of a similar value.

 

Bear in mind though, that you can almost never get the market value for your ring. It may have been worth several thousand when your ex bought it, but the moment it was wrapped up in that little black box and walked out of the store, its market value dropped dramatically. So be aware, if you decide to sell your ring, that you will not get back anything close to what was paid for it.

 

Join us next time, when we will talk about the last two options that women have for their engagement rings after divorce. Until then, if you or a loved one need help with your divorce, or any other aspect of family law, like child custody or paternity, please call The Kronzek Firm at 866 766 5245. We have spent decades helping the people of Michigan pursue better futures for themselves and their families. We can help you too.

 

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