Did you know that 2,400 divorces are filed in the US every day? That sums up to a total of approximately 875,000 divorces per year what means that about 437,000 engagement rings and 875,000 wedding bands are sold year by year. It’s not a secret that Americans are very generous when it comes to buy an engagement ring for their beloved wives and the value of all those rings run into billions of dollars.

A divorce is not only an emotional disaster, in many cases it’s also a financial burden and divorced people are often in urgent need of money after paying bills related with the breakup. An engagement ring can help a lot to bridge this stressful situation as most people spend at least 5,000 dollars on a sparkling ring and diamond prices went up constantly over the past 5, 10, or even 15 years. Engagement rings could gain in value over the years if the ring was bought for a fair price.

According to reDollar.com, a place for selling engagement rings, most divorced ladies have no problems and inhibitions to turn their engagement ring into cash if it helps their personal situation. There are two very important questions concerning those ladies to make a final selling decision:

1. Is it legal to sell my engagement ring?

2. How can I sell my engagement ring for a fair price? 

Is it legal to sell an engagement ring?

In most states, an engagement ring or a wedding band ring is considered a conditional gift. As a result, this jewelry is considered separate property, owned fully by the spouse who received it. Therefore selling an engagement ring or a wedding band is legal at any time. If you are still uncertain about your personal situation, ask your lawyer what law applies to you before you sell. Occasionally but very seldom agreements are made in prenuptial agreements about handling the engagement ring after a divorce. Usually, those agreements are made if the engagement ring is a heritage from the spouse’s family and they will make sure that in case of a divorce the ring finds its way back to the family. In most cases, no agreements are made and selling is 100% lawful and proceeds are exempted from the settlement. If you are tight on budget Justanswer.com is an affordable option to consult a lawyer.

How can you sell your engagement ring for a fair price?

Most people know that selling an engagement is not THAT easy. Pawnshops and local gold buyers are NO option as they usually lowball your jewelry’s value. People who are aware of that risk won’t even ask for a price offer. Reputable auctions may be an option but it can take several months until the funds are credited to the seller’s bank account and the deducted selling commission and marketing fees could make consigners unhappy. Modern Startup Companies like reDollar are even recommended by jewelry appraisers as modern and lucrative way of selling engagement rings. Companies like that are founded to bring more transparency into the market of selling pre-owned divorce jewelry. The selling process is easy, free of any charges, and very transparent as there is no selling obligation. Engagement ring sellers can reclaim their jewelry anytime. Consignment companies are not recommended for selling divorce jewelry as they often hide disadvantageous terms in the fine print. Consigners could end up losing their property for much less than what their jewelry is really worth. Consignment companies strive to offer bargains to their buyers but unfortunately they don’t take the satisfaction of their consigners so serious. Very, very bad reviews can be found about consignment services and we also don’t recommend to give this services a try. If you own highly valuable engagement jewelry, luxury auctions provided by Christie's or Sotheby's may be worth to consider but there is a crucial disadvantage: it can take a long time to get paid and high selling and marketing fees reduce your sales proceeds significantly.

The conclusion

If you don’t need your divorce jewelry and you are emotionally ready - sell it. Most people testify that getting rid of unwanted memories helps a lot to get back on life’s tracks and it makes it easier to come together with a new partner. 

Published by Tranding Stories