Each year, there are approximately 876,000 divorces in the United States, which translates into a lot of wedding rings. According to ancient tradition, wedding rings were used as a symbol of ownership and was also an indication of the wealth of the giver. Practical value aside, a wedding ring also stood symbolically as an eternal and unbreakable circle. With so much sentimental and financial value that is placed on the ring, it's tough to know what to do with the wedding rings when a marriage ends in divorce.
Here are some things to consider about a wedding ring post-divorce:
To Keep Or Return?
Although state laws may vary, in most cases, wedding rings are considered a gift and become the permanent and exclusive property of the recipient. This means that you get to keep the ring in many cases. However, there may be exceptions to this rule, such as if the ring was a family heirloom or had an unusually large value.
In those cases, the judge may award the ring back to the giver or split the value, so be prepared. If you do keep the wedding ring, you can simply wear it on the right hand, instead of the left.
Re-purposing The Ring
If you do keep the ring and wish to wear it but not as a wedding, many jewelers will help you design a custom piece out of the ring. For example, a diamond engagement ring could be turned into a necklace or brooch. You can use the original metals and stones and have the ring turned into something you can wear on a regular basis.
Used Rings Depreciate
It may have come as an unpleasant surprise if you've tried to sell that expensive diamond and gold engagement ring and were offered less than half the original value. Most jewelry wearers are not aware that precious stones depreciate in value much like a car does.
The minute you take the ring out of the store, it drops in value. This means that if you were depending on a big return on your investment to help you over the post-divorce financial doldrums, you need to be very aware of the actual price you may get.
If none of these options appeal to you, simply store the ring in a velvet lined case out of light and heat. Your wedding ring may no longer serve its original purpose, but it is a valuable item that needs to be treated as such. To learn more, contact a company like Goldmark Jewelers with any questions you have.Share