[CLBS] Engagement Ring

[Ford Elsaesser]

You may need judge judy for this one but I think the trustee's viewpoint would be to claim the ring in most situations.the resale value ,however is probably meaningfully less than the 6k-ford

-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of William J. O'Connor
Sent: Wednesday, March 12, 2014 8:42 AM
To: Megan Johnson
Cc: clbs at admws.idaho.gov
Subject: Re: [CLBS] Engagement Ring

I do not have case law that I can cite, but I recall that the general rule, at least from common law, is that an engagement ring is a gift that is contingent upon the marriage occurring.  If the engagement is ended other than by marriage,  then the engagement ring would go back to the fiancé (former almost groom).  That is why some wedding rings (like my wife's), is a combination of her engagement ring and an added marriage band received at the time of the wedding.  Traditionally, if the would-be bride said "no, I'm calling off the wedding," she would then give her former would-be groom the engagement ring back.

It seems to me that she is holding property for somebody else currently, but you may have a problem, especially depending upon when the marriage date is set for, because she has a contingent interest in the engagement ring.

Good luck!

William J. O'Connor
O'Connor Law, PLLC
355 West Myrtle Street
Suite 100
Boise, ID 83702

Office:  208-344-5095
Fax: 208-424-3100

On Mar 12, 2014, at 9:33 AM, Megan Johnson <megan at sandpointlaw.com> wrote:

> Good morning all:
> 
> I have a client whose fiancé just proposed, and now she has a 
> beautiful $6k engagement ring. I can only exempt a little over $1,000 
> - which would mean she would have to buy back the ring from the bankruptcy estate, after just
> receiving it!   What do you think of the idea that the ring isn't really
> hers until they get married, which won't be before we file?
> 
> I would appreciate any insight you might have on this!
> 
> Thanks,
> 
> Megan
> 
> 
> 
> 
> 
> Megan L. Johnson
> 
> *Berg & McLaughlin, Chtd.*
> 
> 414 Church Street, Suite 203
> 
> Sandpoint, ID 83864
> 
> Phone 208-263-4748
> 
> Fax 208-263-7557
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