Does the woman have to give the engagement ring back when it is in HER name?
My fiancé had bad credit and a history of being unable to pay his bills, so when we got engaged this past July, we purchased my $10,000 engagement ring on MY credit, and the ring is in MY name, not his. We mutually broke off the engagement (he initiated it by saying we weren't "compatible"), and now he is demanding that I leave the ring with an unbiased third party (a legal rep) until he has paid it off, at which time he takes possession of it. I am currently in Colorado Springs and will be moving to Nebraska in three weeks. He has made all of the payments to the tune of $4,200 and he says he will continue to make them until the ring is paid off. He still owes $5,800 on the ring, and quite frankly I am nervous about leaving it behind. He appears to have good intentions, but his history of being unable to pay his bills concerns me. Although he appears to be an honorable man and has supported me financially for the past three months, I don't feel right leaving the ring. If he fails to make a payment(s), or makes a late payment, it is MY credit that will be affected. He is treatening to sue me if I take the ring with me to Nebraska.
His contention is that he has helped me financially and has already invested $4,200 in the ring.
My contention is that I moved from New Jersey to be with him in Colorado. I sold all of my belongings at a fraction of the original cost. Additionally, because he didn't have enough money to pay our bills, my credit card has had to supplement that -- and now I am $3,600 in debt on my Visa card (which had a zero balance before I met him).
It seems to me that his $4,200 investment should be made to offset the $3,600 debt on my credit card.
I really don't want to hear how stupid I was to allow the ring to be put on my credit. I've been through enough and have learned a valuable lesson. Instead, I need some sound legal advice.
Thank you.