The common questions after a broken engagement are, “what happens to the engagement ring?”, “who gets the engagement ring?” or, “is it okay to sell a diamond engagement ring for cash?”
If you are one of many of the “ex-soon to be a bride” that has the same questions as the others, you should continue reading this post.
Who has the rights to the engagement ring?
The answer depends on the state; however, generally, an engagement ring is considered as a gift and the bride can keep it, return it, or sell it. On the other hand, the court may classify engagement ring according to the following situation:
- Treating as a gift
- Treating as a conditional gift
- Treating as a compensation
What is an engagement ring as a gift?
In a general concept, the law states that an engagement ring can be considered as a gift and the recipient can keep it or sell it and cannot be revoked if:
- If the giver has the willing intention to give the item as a gift.
- If the giver was the actual one who gave the gift to the recipient.
- If the gift was accepted by the actual recipient.
If all three elements agree in favor of the recipient, the giver cannot dispute it.
What is an engagement ring as a conditional gift?
The court may look for an engagement ring as a conditional gift if the ring was given in the expectation that both parties will get married. In other words, if no marriage will take place, the engagement ring must be returned to the giver; unless, he agrees that you keep it.
Also, in some states, the engagement ring must be returned to the giver no matter who calls off the engagement.
What is an engagement ring as compensation?
There are cases that an engagement ring can be classified as compensation. This happens when the receiver has to be compensated in exchange for the labor and money that the receiver gave to the one who gave the ring.
What if the diamond ring was an heirloom?
Most of the state laws recognize that a family heirloom must be returned to the original family owner as long as the owner has valid proof of ownership if the engagement was broken off.
Is it okay to sell an engagement ring?
If both parties have agreed that the recipient can keep the engagement ring, the receiver can sell it. To release frustrations and disappointment, it is a good move to sell the engagement ring than to throw it away, especially if the diamond ring has a high market value.
If you are one of the few people who are planning to sell the diamond engagement ring, you should know its current market value by visiting an honest appraiser or diamond grader. Then, if you have no idea where to sell it, you may consider Speedy Diamond – a reliable retailer and buyer of a diamond ring and jewelry at a reasonable and honest price.
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If you need in-depth details on how to sell an engagement ring, you may visit Speedy Diamond’s website now.