The couple spent the holiday at the Simpson family home in Texas before celebrating New Year's Eve in Miami, where the 23-year-old showed off her latest piece of jewelry to photographers.
Wentz recently spoke of his love for the singer he has been dating since September 2006, gushing, "I love Ashlee. She's amazing. She's my best friend."
Ashlee wasnt expecting it at all, it was a total surprise, a mole reports. Pete whipped out a big engagement ring, dropped down on one knee, and asked Ashlee to be his bride. Ashlee says it was romantic, sexy and that she said yes right away.
Ashlee fears her marriage doesnt expose the overexposure that likely ruined big sis Jessica Simpsons union with Nick Lachey-Ashlees only worn her engagement ring in private.
Ashlee and Pete are desperate to keep the engagement quiet for as long as they can so they can make wedding plans in peace, says an insider.
She definitely doesnt want a big circus wedding like Jessica had when she married Nick. All she wants is a simple ceremony with her family, his family, and a handful of people.
Ashlee behavior at a recent family wedding has sparked speculation that she may be pregnant.
Ashlee may have helped start the rumours herself. She was at a family wedding and was wandering around rubbing her belly. And she refused to drink anything.
She probably didnt drink that night because her dad was around, says a pal.
We dont think they were officially engaged 20 minutes before she started calling people to spread the news, says a friend. If she were having a baby she wouldnt be able to keep it to herself for five minutes.
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