The engagement ring: Glamour magazine reports that on average, a guy will spend about $5,229 on an engagement ring which is a lot of money, yet far less than the 10 most expensive engagement ring’s according to a Hollywood gossip website.
So it begs the question, what does Michigan law have to say about an engagement ring? Do you always have to give the engagement ring back?
Under Michigan law, as long as the parties go through with the wedding, you are not required to give back the ring. The engagement ring is considered a gift. Findling Law successfully argued this case in the Michigan Court of Appeals. Here is the citation: Michigan Compiled Laws 244 Mich. App. 697,625 N.W.2d 136, 2001.
What if someone gets cold feet and the engagement is broken off?
If a party breaks off the engagement, the ring must be returned, regardless of the circumstances who broke off the engagement or who cancelled the wedding.
What about other expenses associated with a cancelled wedding – the hotel, the caterer, or the flowers?
Under Michigan law, a breach of contract case can be brought to recover these expenses.
Ok, I know you are curious – here is the list of the 10 most expensive engagement rings:
- Beyonce 25 carat $5,000,000.00
- Paris Hilton 21 carat $2,500,000.00
- Mariah Carey $2,500,000.00
- Melania Trunp 15 carat $2,000,000.00
- Kim Kardashian 20.5 carat $2,000,000.00
- Jennifer Lopez 6.1 carat $1,200,000.00
- Catherine Zeta-Jones – $1,000,000.00
- Hillary Duff 14 carat $1,000,000.00
- Eva Longoria 5 carat $800,000.00
- Denise Richards’ 4.3 carat $500,000.00
Sources:
http://www.glamour.com/weddings/blogs/save-the-date/2013/09/for-once-and-for-all-how-much.html
http://www.hollyscoop.com/beyonce/bling-ring-10-most-expensive-engagement-rings.html
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By: Daniel Findling
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Rich: At such times, we have got to believe that alhugtoh His purposes may not be clear, we have comfort in the sure knowledge that providence is in His hands, that he protects and leads. I would never say what I am thinking, but people of character and sincere heart, are valuable to the living God, who often performs decisive intervention into our own planning cycle, because He has our safety, welfare, family and innocence in mind. God bless you my brother, you will only look back on this job abortion with joy.