What to do with the Engagement Ring after Divorce
There are automatic orders in every divorce case that direct that neither party can sell or dispose of any assets, including personal property like jewelry until the divorce is finalized. Also, even if an engagement ring is determined to be separate property in a divorce, the other party has the right to request an updated appraisal and have the value considered as a factor as part of equitable distribution.
Once your divorce is final, however, you may not wish to keep your engagement ring. Your engagement ring is a representation of your former relationship and of the promise of a life together. As engagement rings can hold great emotional and financial value, you may be wondering what to do with the ring.
Below we list some of the most popular options for what to do with the engagement ring after your divorce is final:
1. Repurpose it
Consider repurposing the engagement ring into a different piece of jewelry that you has new meaning. By repurposing the ring, you get to keep an expensive item while treating yourself to a piece of jewelry you will love. You can work with a jeweler to turn the engagement ring into a new piece such as a fashion ring, or you can remove the diamond(s) to be used for a necklace or bracelet.
2. Trade it in
See if you can trade in the engagement ring to a jewelry store or diamond buying company. By trading in the engagement ring, you can receive store credit towards a new piece of jewelry. This way you can free yourself from the emotional attachment to the ring while treating yourself to new jewelry at a fraction of the price. When you are ready to trade in the ring, contact jewelry stores and diamond buyers that allow trade-ins or upgrades related to the ring to determine which will give you the best offer. Make sure you bring any of the documentation related to the ring, such as its certification and receipts, to show its authenticity and which will help get you the best deal.
3. Donate it
If you are not interested in keeping the engagement ring, you can donate it to a charity. This way, you will have helped the charity receive funds while you get a tax deduction and can enjoy the satisfaction of a good deed done.
4. Sell it
There are many ways you can sell your engagement ring, it is simply a question of finding which option best suits your needs. Your options for selling the engagement ring include:
Pawnshops offer a fast and easy way to get cash. However, pawnshop staff are not gemologists and therefore do not have the expertise necessary to make competitive price offers, meaning that you will likely undersell. However, it is a quick way to sell in your local area.
- Auction Houses
Auction houses have diamond experts on staff who can evaluate the quality and worth of your jewelry. You will need to wait for an auction to be held (these are typically held on a monthly basis) and it is important to remember that there is no guarantee that it will sell. Be sure to find out the exact percentage that the auction house charges for successful sales.
- Online Ads
It is now easier than ever to sell your items online thanks to sites like Craigslist. With online ads you can set your own price without paying hidden fees. But much like to auction houses, you have no way of knowing how long it will take your engagement ring to sell if it does sell at all. During this process, you will need to be wary of scammers who can take advantage of you. If the ring does sell, make sure that you meet the buyer in a public place with a friend or family member and to never share personal or financial information.
- Expert Diamond Buyers
Specialized diamond and jewelry buyers, such as WP Diamonds who have an A+ BBB rating, have GIA certified gemologists on staff who can accurately assess and price your engagement ring. Selling to a reputable diamond buyer is quick, safe and you can get paid in as little as 24 hours.