The breakdown of an engagement is a difficult and emotional time for both parties.
Added to this, there can then be an argument over who should keep the engagement ring. Often, both parties can feel that, morally, they have a right to the ring.
In UK law, the giving of an engagement ring is presumed to be a gift. Although, this presumption can be rebutted with evidence to the contrary i.e. that the ring was given as a conditional gift.
If parties cannot agree what should happen to the engagement ring upon the breakdown of an engagement, the Court can be asked to intervene, although the costs of embarking on such litigation should be borne in mind.
This is the course of action that Mr Koch is now taking.
Couples who enter into a Pre-Nuptial Agreement can also include an intention as to what will happen to the engagement ring, particularly if this is of sentimental value or is a family heirloom.
If you need any advice in this area, please get in touch:
t: 01722 446246
The son of billionaire Bill Koch is suing his ex-fiancée to get back the $250,000 engagement ring her gave her, following their broke up. Wyatt Koch, 31, is demanding that Ivie Gabrielle Slocumb, 29, return the 8.24-carat diamond ring after she called off their engagement in May.