Diamonds are Forever: Romance, Not So Much

Elizabeth Taylor didn’t do it.  Zsa Zsa Gabor wouldn’t think of it. Kim Kardashian was forced to.

We’re talking diamonds here, ladies.  Do you give them back after a failed engagement or marriage?

According to a recent article in the New York Times, the answer might depend on where you live.

In Illinois, an engagement ring is considered “a gift in contemplation of marriage.”  The courts have held that if the marriage is called off, the one left at the altar gets the ring.

In New York, a broken engagement is considered no one’s fault, so the ring goes back to the donor.

But in Montana, the ring is classified as an unconditional gift, and the recipient keeps it.

The rules also differ in a divorce.  Massachusetts recognizes all property as part of the marital estate, which means that the value must be divided between the parties.  Most other states have designated the engagement ring as the only piece of jewelry not considered a marital asset, allowing the recipient to keep it.

When the marriage lasts only 72 days, the exclusion might not hold.  Kim Kardashian famously returned a 20-carat custom-designed Lorraine Schwartz diamond ring to ex-husband Kris Humphries after lengthy negotiations.  He promptly sold it at Christie’s Auction House for $749,000; and she got a similar ring from current husband Kanye West. All’s well that ends well.

A second New York Times article describes what some women do instead of returning the ring.

Marla Trump is said to have sold her 7.45-carat ring from Donald Trump for $110,00 and donated the cash to charity.  Others have simply re-fashioned the diamonds into pendants, ankle bracelets and other trinkets.   Still others have claimed the ring was lost or stolen.

So where do you stand?  Would you keep it, return it, sell it, repurpose it or flat-out lie?  Insert comments below.

 

 

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By |2018-01-31T23:02:46+00:00January 31st, 2018|Uncategorized|0 Comments

About the Author:

A former marketing executive, Judi Schindler, is a past president and founding member of the Chicago Area Chapter of the National Association of Women Business Owners. She is a member of the Leadership Team of Engaging Speakers and the Advisory Board of the Chicago College of Performing Arts at Roosevelt University. She’s listed in “Who’s Who in America,” “Who’s Who in American Women” and “Who’s Who in the Midwest.” Follow on Facebook, Twitter, Linkedin, Subscribe to “The Toilet Seat Must Go Down!”

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