Understanding Financing Terms

Three Things To Consider Before Selling Your Engagement Ring After Divorce

If you recently got divorced, you may be wondering what to do with your engagement ring. Continuing to wear it probably does not feel right, but should you really consider pawning a ring to a diamond broker? The answer really depends on your situation. Here are a few things to consider as you determine whether selling your ring is the right choice for you.

Do Your Kids Want It?

The ring may no longer hold a positive sentimental value to you, personally, but does it hold some value to your kids? If your kids are nearing the age where they may become engaged, one of them may want the ring to give to their fiance. One of your daughters may even want to just wear the ring as a way to feel close to her parents. Bring up the idea of selling the ring around your kids and see how they react. If they seem adverse to the idea or say something to suggest they may want it, then consider keeping the ring for them.

How Much Is It Worth?

Have the ring appraised by a diamond broker so you have an idea of its worth. This way, you will know if it is worth a few hundred dollars, or if it is worth thousands. If it is worth thousands, selling it could help you out by paying off debt or paying for a car you need badly. If it is worth hundreds, on the other hand, selling it may not be worth the emotional turmoil you go through to do so.

Does Your Ex Desire the Ring Back?

You may consider the ring to have been a gift and therefore figure that you have no reason to return it. However, your ex may not feel the same way. If the two of you are still on good terms, it's worth discussing the idea of selling the ring. Maybe the two of you could split the money from the ring; that may put an end to some animosity over it. If your relationship was on the shorter side, you may feel an increased obligation to share the proceeds with your ex. However, if you were married for years or the marriage ended due to your spouse's wrongdoing, you should feel less inclined to share or give the ring back.

Think about the questions above as you consider what to do with your engagement ring. If selling it will greatly change your financial situation, doing so is probably worthwhile.


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