Newly Divorced? Here’s What to Do with the Ring
The end of a marriage can be a very difficult time, both emotionally and financially. One area where those two concerns intersect is the wedding ring. As a representation of a relationship that is breaking up, it is a possession that most people no longer want to hang on to. But as an investment that can be worth anywhere from thousands to tens of thousands of dollars, parting with it is a decision that has to be made carefully.
The end of a marriage can be a very difficult time, both emotionally and financially. One area where those two concerns intersect is the wedding ring, engagement ring or ring set. As a representation of a relationship that is breaking up, it is a possession that most people no longer want to hang on to. But as an investment that can be worth anywhere from thousands to tens of thousands of dollars, parting with it is a decision that has to be made carefully. So, what to do with the ring after your divorce?
Options for Dealing with an Engagement Ring
There are many ways to dispose of a wedding or engagement ring. Some of the most common include:
- Donate it to a charitable organization: Giving a ring to a charitable cause not only funds the organization’s work, it can also provide you with a tax write-off. And, of course, there’s the positive feeling you get from doing a good deed.
- Repurpose it. It’s understandable that the ring in its present form holds some negative associations, but you can always upgrade and repurpose it.
- Give it to your child: Some parents opt to pass their ring on to a daughter or son, giving them the option to hang on to it as a keepsake, wear it, etc.
- Sell it: With a wedding and engagement rings potentially being worth many thousands of dollars, there is much to be said for putting it up for sale. There is a reason why this is the most popular option.
Whichever approach you take, it can be a relief to make the decision and move forward. Letting go of the past and moving on is important when a relationship comes to an end.
Great Reasons to Sell an Engagement Ring and Wedding Ring after Divorce
If you choose to sell your engagement ring or wedding ring after your divorce, there are many reasons that this is a wise decision. Doing so can help you:
- Achieve closure and sever the emotional connection: Sadly, your ring may now represent loss rather than love. Keeping it around — even if it is kept out of sight — can leave you stuck in the past to a degree, with feelings of regret and ongoing “what if” thoughts. Selling the ring can help you move on emotionally.
- Fund your legal proceedings: Divorce can be expensive. The money from the sale of your ring can help pay for attorney fees and other expenses. Just be aware that the value of this asset may be considered in any financial settlement.
- Get started in your new life: Even if your divorce isn’t costly, getting a new household up and running probably will be. Funds from the sale of your ring can help with housing, furnishing, moving expense, etc.
- Treat yourself: Divorce is difficult. When the process is complete, the money from the sale of your wedding ring can be used to take a vacation, do something nice for your kids, or buy a piece of jewelry that represents your new perspective on life.
- Avoid the urge to do something dramatic: Disposing of your ring in dramatic fashion, like throwing it into the ocean, can be cathartic. However, soon after making that gesture you may regret it as you ponder the financial implications.
When you’re ready to put your ring up for sale, there are many ways to do it.
Where to Sell Your Engagement Ring or Wedding Ring
There are a number of factors to consider when deciding how and where to sell either a wedding ring or engagenent ring. Where will you get the best price? How convenient will the process be? How quickly can you sell it? Is there any risk that you will be taken advantage of? Here are some of your options:
There are an endless number of websites like Craigslist where you can offer your wedding ring for sale. If the piece is priced correctly, you will likely get attention from potential buyers. However, this kind of transaction comes with a fair amount of risk. Make sure to always use caution when selling via an onine ad, do not exchange any personal or financial information and always meet in a public place with a friend or family member. And knowing how to price jewelry is not an easy task, be sure not to undersell.
Using an auction format like on eBay may help you get more money for your wedding ring, as bidding drives up the value. However, there is the uncertainty of whether your item will generate interest and the inconvenience of having to deal with questions from prospective buyers. You may not know all the details of your piece and you will have to be prepared to field a lot of questions and potentially haggle on the price.
Going the consignment route with jewelers can be a good choice. But, keep in mind that it is a slow process with no guarantee of sale. And, a percentage of the sale price goes to the jeweler. If you have the luxury of time, it can be worth trying this option for a few months. But if you are looking for a quick transaction, this may not be the right choice for you.
Expert diamond buyer
WP Diamonds specializes in accurately assessing the value of diamonds and jewelry, and making excellent offers in a format that is fast, secure, and reliable. We understand that you are looking for a pain free and discreet service. Get a quick online quote then get a final price via appointment or through our overnight free and insured shippping service. The entire process can take as little as 24 hours, and we offer honest and fair prices. No hyperinflated price quotes followed by low offers. There are no fees or commissions taken from the final price either. And most importantly, there are no high pressure sales tactics or obligation to sell if you don’t like the final price.
Take the Next Step with Your Engagement Ring
If you are interested in learning more about the value of your engagement ring, we can give you a highly accurate valuation. To connect with one of our jewelry experts, contact us at 646-758-0270 or fill out our online form. Through a full insured mail-in appraisal, we can assess the worth of your piece and make you a competitive offer.