The actress, 29, showed off her ring on the Grammys red carpet Sunday.
Shepard, 35, proposed to Bell over the holidays, a source tells the celebrity mag.
"I've learned the necessity for healthy communication," Bell told Women's Health magazine in November.
"Your partner should hear your most embarrassing insecurities, because once you say them out loud, you've created a safe zone."
The couple have been dating since January 2008 and recently starred in 'Rome' together.
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