Oscar Wilde is quoted as once having said that "long engagements give people the opportunity of finding out each other's charater before marriage, which is never advisable."
The sad fact is that it is not uncommon for engaged couples to separate before they make it down the aisle and when they do, their assets have to be divided. One of the most keenly disputed assets is the engagement ring, with each person feeling it is only morally right they walk away with it.
The answer to who gets to keep the ring is actually straightforward and is set out by law. The Law Reform Miscellaneous Provisions Act (s3(2), for those that are interested!) states that an engagement ring is presumed to be an absolute gift, meaning that usually the recipient would keep it.
This presumption can however be overturned if it can be shown there was an implied intention or an express agreement that the ring would be returned if the engagement was called off. The courts will often say there was an implied intention the ring would be returned if it had particular sentimental value to the giver, for example if it was a family heirloom.
It is possible to ask the court to adjudicate on the issue if you simply can't agree, however for most people this should always be a last resort.
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