What's happening to Ariana Grande's $130K engagement ring?

In celebrity news that everyone saw coming, Pete Davidson and Ariana Grande have ended their shorter-than-footy-season relationship and broken off their engagement.

But just who gets to keep the over-sized engagement ring reportedly worth US$93,000 (AU$130,000)?

Well, according to TMZ - who broke the story of their split on Monday- Ariana was "quick to fork it over" to her former fiance.

If the 25-year-old indeed gave the custom-designed pear-cut sparkler back to her Saturday Night Live comedian ex, she would be observing the belief that engagement rings are a conditional present that should be returned if you don't actually get married.

But plenty of other celebrities have kept their engagement ring, including Mariah Carey - who reportedly sold the $13 million ring James Packer gave her.

Perhaps more controversial for the young ex-couple will be who gets to keep their pet teacup pig, Piggy Smallz.

 

View this post on Instagram

 

just after she shit on my pillow ????

A post shared by Ariana Grande (@arianagrande) on Oct 12, 2018 at 10:06am PDT

Ariana was the one who bought her, but surely Pete's recently inked tattoo of the pig gives him some claim of pet-parenthood.

The split was reportedly amicable, so many they can come to some kind of shared custody arrangement.

Ariana and Pete are yet to confirm their split, but their two-day silence has everyone all but convinced it's true.

The pair began dating in May - shortly after ending relationships with their former partners - and announced their engagement just a few weeks later.