The end of your marriage if often a very challenging time, both emotionally as well as financially. One area where those two concerns intersect is the engagement ring and the weddings rings. What does one do with the rings after divorce is finalized?
Now symbolic of a relationship that is over, it is a piece of jewelry that most newly divorced couples are not looking to keep. However, these can be worth thousands of dollars, making them a lucrative item to sell.
So, the question remains, what should you do with the rings after your post divorce? Some of the most common solutions are as follows:
1. Donate it to a charity
Not only does this solution help fund a charitable organization’s work, it has the added bonus of providing you with a tax write-off. Additionally, there’s the good feeling you get from doing a good deed.
2. Repurpose the ring
Understandably, the engagement ring may have negative associations. However that does not mean that it cannot be repurposed into something with new meaning. Simply put: it does not need to stay in its current form. Consider repurposing it into a simple diamond pendant or an entirely different diamond ring.
3. Give the ring to your children
Some parents choose to hand their ring down to a son or daughter. This is especially relevant if the engagement ring was a family heirloom.
4. Sell the ring
Perhaps the most popular option is to simply sell the ring and part ways. Why have the ring collect dust in a drawer for years to come when you stand to financially gain from selling it? Before you commit to this decision, make sure that you are emotionally prepared.
Whichever option you choose, letting go of the past is always a great step in moving forward after a divorce.
Why Sell The Engagement Ring After Divorce
If you decide to sell an engagement ring or wedding bands, it truly has many benefits. Doing so can help you:
- Get closure: Unfortunately, your ring may now represent a breakup rather than a loving relationship. Opting to hang on to the ring can leave you feeling stuck in the past. This can lead to lingering feelings of regret and what-if’s. Selling the engagement ring after divorce can be therapeutic and healing.
- Fund your divorce fees: The sad truth is that divorce can be expensive. Use the funds raised rom the sale of the engagement to pay for attorney fees and other divorce related expenses.
- Start your life over: Getting your new household up and running also comes with its costs. From furnishing to moving expenses, it all adds up.
- Treat yourself: Divorce is a challenge, and self-care is ever more important. Once the divorce process is over, use your new found funds to take a vacation, start a hobby, anything that represents your new life.
- Avoid the urge to do anything dramatic: Throwing your ring into the ocean, while cathartic, may be a decision you quickly regret. You would not throw away your car because you bought it as a couple. Be smart and do something productive with the engagement ring.
Where To Sell The Ring
Consider the following options when selling your rings:
Online ads
There are an endless number of websites like Craigslist where you can offer your engagement and wedding rings 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 your wedding ring via an online 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.
Auction website
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 unknown of whether your ring will generate interest. As well as 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.
Jeweler
Going the consignment route with a jewelry store 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 engagement ring buyers
At WP Diamonds, we specialize in buying diamond and designer jewelry. Established in 2012 in NYC, we believe that selling engagement rings should be an easy, discrete and seamless experience. Our service is designed to take as little as 24 hours, from filling out the online form to getting paid. We do this by buying your jewelry directly, no middle man, no fees or commissions deducted.
Ready to sell your rings? Here’s how it works:
We buy your ring directly, there are no online listings, fees or deducted taken from the final offer. We do not believe in providing hyper-inflated price quotes followed by low-ball offers.
To get your bespoke price quote, our tea, of GIA gemologists can provide a highly accurate valuation. Simply fill out our online form and your dedicated client representative will be in touch.GET YOUR OFFER
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