Sources tell PEOPLE that Nicky Hilton and her now-estranged husband are at odds over the ring

By Frank Swertlow and Stephen M. Silverman
Updated October 14, 2004 03:00 PM

The two-month marriage of socialite Nicky Hilton and money manager Todd Meister may be over, but a source tells PEOPLE that there’s a major sticking point in their annulment paperwork: Who gets to keep the wedding ring?

A source close to the Hilton family confirms that the couple “is working out a separation agreement that would lead to an annulment.” But the source says Meister gave Hilton “his late mother’s diamond wedding ring. She doesn’t want to give it back.”

The ring is described as being at least 10 karats. In addition, Hilton “is looking for some cash in the deal,” the source tells PEOPLE.

There’s been no immediate comment from the Hilton or Meister camps about the claims.

The breakup of the marriage comes just two months after they wed in a Las Vegas chapel on Aug. 14. As for the reason for the split, the source blames distance: “The couple’s bi-coastal relationship wasn’t working.” Hilton, 23, resides in Los Angeles; Meister, 33, in New York and Palm Beach.