Follow our Mini Series over the next couple of months as we try and support you in navigating this oxymoronic time period, as well as giving you insights into some very ‘adult’ topics that we may not have thought about before.
This month, we chat to Joe Ferguson on our team as we are talking about The Issue with Engagement Rings…
Pear, Princess, Problem: The Issue with Engagement Rings
We will shortly be entering engagement season, a magical time of year where many people make the decision to get married to their other half. It is a beautiful time of year which creates a lot of anxiety: the location, the timing, the ring.
For many young professionals, an engagement ring will likely be one of the biggest purchases they have made to date. As it is traditionally a surprise, such purchases are unlikely to come out of joint funds. Instead, one will front the cost of the ring (and any associated fanfare).
Boodles, a leading retailer for wedding rings, has prices for engagement rings ranging from £2,700, with the highest prices reserved for those that enquire. The average median earnings in the UK is £2,333 per month. Many people seek loans to finance these purchases. As such, an engagement ring is an investment in two respects: romantically and financially.
Sadly, there are of course engagements which do get called off. EventSured, event insurance specialists, estimate that 20% of engagements are called off each year. So what happens if the engagement breaks down? Well, unfortunately (for some at least) there is a presumption in law that a wedding ring is an absolute gift, belonging to the person it is given to, potentially leaving the other with a broken heart and a finance agreement to pay off.
This presumption can be rebutted by proving that the ring was given on a condition that it should be returned if the marriage did not take place. Such conditions can be implied or express. For instance, courts will often take into account whether a ring was a family heirloom or sentimental and therefore there was an implied condition that it would be returned to the family. This is not a certainty however and it is best to confirm intentions around the ring in writing.
It may seem cynical, or deeply unromantic but it provides the clarity for both parties, in the event things go pear shaped.
Joe Ferguson, MYP Committee member.
