Nicole Richie and long-time boyfriend Joel Madden are engaged to be married. Joel, 30, is the lead vocalist of the band Good Charlotte. During a Monday taping of the Late Show with David Letterman, which aires on Friday, February 19th, she revealed her engagement and her custom-made diamond ring, which is estimated to be over four carats. A source told People Magazine, “Nicole wanted a beautiful, special ring and wanted to be intimately involved in the design.”

The couple began dating in 2006 and have been living together. They currently have two children, daughter Harlow, 2, and son Sparrow, 5 months. Lionel Richie, Nicole’s father, can’t wait to walk his daughter Nicole, 28, down the aisle. The legendary singer told People Magazine, “My happiness for Nicole and Joel knows no boundaries. They have given me two beautiful grandchildren, Harlow and Sparrow, and have proven to be great parents.” Lionel recently worked with the couple on “We Are The World: 25 For Haiti,” which he co-wrote and produced. He also co-wrote the original “We Are The World: USA For Africa” collaboration with the late Michael Jackson in 1985.

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Nicole Richie