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05-21-2013, 08:18 AM #13
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Re: Take time in your relationships and pick them wisely.
If it was anything below a $10k engagement ring, she probably would just return it.
What she should do is offer to sell it back to him for like 300k. Unless he's super confident he's going to get it back, he can recoup some of his losses while saving face, and she makes the money, just not as much..
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“When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.
Call me a Special Teams coach again. I dare you! I double dare you, MFer!
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05-21-2013, 08:20 AM #14
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Re: Take time in your relationships and pick them wisely.
They live(d) in TX, and apparently there's a law about this there...if the man broke the wedding off, it's hers. If she broke the wedding off, it's his. The hard part is how to prove which one broke it off. Without any kind of hard evidence, this is just going to devolve into "he said/she said" crap.
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“When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.
Call me a Special Teams coach again. I dare you! I double dare you, MFer!
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05-21-2013, 09:06 AM #15Legendary RSR Poster
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05-21-2013, 09:09 AM #16
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05-21-2013, 11:23 AM #17
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Re: Take time in your relationships and pick them wisely.
That ring is worth almost $800,000. Even if the court rules that she gets to keep the ring (which I doubt), wouldn't the publicity this has raised cause the IRS to take interest in this case? I would think that in the eyes of the IRS, that ring is considered income, and is subject to gift taxes. Usurally, the donor (Mario Williams in this case) would have to pay the gift tax (which would be insult to injury), but I would laugh my butt off if the judge awarded the woman the ring, but then ordered her to pay the gift tax, which could be hundreds of thousands of dollars. Gifts to spouses are exempt from gift taxes, but they aren't married (they were only engaged), so it would not apply.
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Re: Take time in your relationships and pick them wisely.
You're right. It's called a conditional gift with the condition being marriage. Once the marriage takes place the gift is considered to be completed and then it falls under the marriage rule which states that spouses can give anything to each other tax free. If the state law says that she can keep the ring then it is indeed a gift and he does have to file a gift tax return. What a nightmare for him.
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05-21-2013, 02:46 PM #19
Re: Take time in your relationships and pick them wisely.
engagement rings are considered "conditional gifts" as the above pster has menioned. It is considered a contract. Until the contract is fulfilled(Will you marry me) it is a "loaner" in the eyes of the law, IN MOST STATES. Some states have the "who broke it off" statue, many do not. VERY, VERY few, if any, consider it a pemanent gift when given.
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05-21-2013, 02:56 PM #21Legendary RSR Poster
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Re: Take time in your relationships and pick them wisely.
Back in 1985, I gave my girl friend a ring. It came out of a Cracker Jack box. It was included in our pre-nuptual agreement. Luckily for all concerned, we did wed in 1986, and have been happily married ever since ... Bc
P.S. - My sister-in-law was maid-of-honor. Little did I know how long I'd be paying for that privilege :(
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05-21-2013, 03:05 PM #22
Re: Take time in your relationships and pick them wisely.
My Ravens Blog: Brittany Rants About Football
Ravens-Redskins: Dissecting the Final Drive
"The days are long. But the years are short." - John Harbaugh
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05-21-2013, 07:09 PM #24Regular 1st Stringer
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