Gay Marriage and Engagement Rings
Hi there,
If you read this blog I am sure you already guessed that I was thrilled to hear that the Federal Court has found California's Prop 8 (the vote that overturned gay marriage in California) unconstitutional. There is still a long, long way to go, but this is a terrific decision in my book.
A question that often comes up in divorces is what happens to the engagement ring. Once you are married it clearly is a gift that belongs to the spouse who wore it. However if it was a family piece it can sometimes go back to the giftor. It's value is included in the division of assets. David Clement, who writes the terrific New York Divorce Blog, had a recent post on this. Jewelry is generally worth only about a third of the purchase price so that can be a shock. Often someone will need to sell the ring for legal fees, or simply because the memories are bad. A colleague just sent me a link to what looks like a terrific site if you wish to sell.
Best,
Nancy
Hopefully I will be able to afford a top notch engagement ring when I propose next month to my girlfriend.