Once upon a time, there was a princess whose marriage to Prince Charming didn’t quite work out the way she’d hoped. However, this modern-minded, savvy princess didn’t let divorce ruin her happily ever after. Instead, she saved some megabucks by convincing her former prince to file for divorce online with It’s Over Easy, then sold her 4-carat, emerald cut stunner to Worthy, and never looked back. The princess used her new funds to launch her own business and officially start a new chapter towards her new version of “happily ever after.”
My name is Laura Wasser, I am a Family Law attorney in Southern California. In my 25 years of practice, I have seen many situations; many princesses, scientists, athletes, entertainers….people. I like to say that divorce is the great equalizer. No matter how wealthy or educated, powerful or employed you are, it’s hard not to approach the end of your marriage with fear and anxiety and some feelings of failure. I got to thinking, maybe we have been doing it all wrong. In 2018, we launched It’s Over Easy, an online divorce platform that streamlines and simplifies divorce. At It’s Over Easy, we believe in beginnings and next chapters. We also provide education and support through blog content and our referral list, The Index. Our partnership with Worthy is one of the many collaborations we’ve set up to help our customers thrive after divorce. By offering up the opportunity to sell your ring after divorce, Worthy allows customers to take something that no longer holds emotional significance and turn it into monetary value to put toward your next chapter.
In my practice, I am often asked about engagement rings. While there are different laws from state to state regarding who keeps the ring if an engagement is called off and the marriage doesn’t occur, there is less written about giving yourself permission to sell the ring when the marriage is over and a divorce occurs.
Once the marriage occurs, most states view the gifting of the ring as complete. In the event of a divorce, the recipient of the ring is entitled to keep the gift.
There are some states that consider the ring as marital property once the marriage occurs and the value of the ring would be split in a divorce just like all other jointly owned assets. Also, should the couple purchase the stone or ring as an investment piece, it may be viewed as jointly owned. Be certain to do a bit of research regarding how your state treats engagement rings in a division of assets incident to divorce.
We also get asked whether there are extenuating circumstances if the ring is a family heirloom. This is a tough one. I do believe that a court may take this into consideration, but to be safe, if you are considering giving a family heirloom engagement ring, we recommend having a prenuptial agreement that addresses who will keep the engagement ring in the event of a break up or divorce. In the prenuptial agreements we draft, engagement rings are generally included on lists that are attached as exhibits to the document and itemize each person’s assets and debts as they enter the marriage.
Many people call my office or It’s Over Easy and ask whether and when they can sell their ring once they have separated and pending divorce. Most often, the answer is a resounding YES! Companies like Worthy provide amazing consultations and online auctions of your ring. Worthy is a trustworthy, reputable resource that allows users to sell their rings quickly and with confidence that they are getting the best price. The money received from selling your ring could go towards the down payment on a new car, first and last month’s rent on a new apartment, or a “new chapter ring” to be worn as a symbol of your new independence and future.
This is exactly why I decided to sell my ring with Worthy. When I was 23 years old, I had a beautiful fairytale wedding. A gorgeous dress, loads of bridesmaids, and a big party. However, after a year of marriage, we both realized that it wasn’t a perfect match and decided to split up. In fact, my own divorce was the first divorce I ever processed! For 27 years, my engagement ring has been sitting in a box in my dresser. I have never worn it again and yet, I never really thought much about what I should or could do with it. Perhaps there was some sentimentality thinking about the younger me and that wedding. But when I learned about Worthy, I realized that this was a pretty great option. After all, the ring was just sitting in a drawer not doing me any good. Selling it will not only be a smart investment but it will also make the person who ends up with my beautiful stone very happy. Win win!
©2011-2020 Worthy, Inc. All rights reserved.
Worthy, Inc. operates from 20 W 37 St., 12th Floor, New York, NY 10018