Engagement rings and wedding rings are gifts and can be kept by the person receiving them.
Michael is in San Jose, California and can be reached at 408-295-4232 or at firstname.lastname@example.org. Consultation fees, rates and retainers vary based on need and ability to pay.
An engagement ring is a gift. You keep it.
The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.