The couple was first spotted together in May of this year after having dinner at Craig's in West Hollywood.
'I had the ring in my pocket...
'It happened on the very northernmost point of Oahu, at Turtle Bay. "Or just make a special night where we're on the road".
Quaid added that his decision to pop the question was so sudden that Savoie literally fell to the ground after he asked her to be his wife.
The actor's new romance, which the couple confirmed just five months ago, comes on the heels of his finalizing his third divorce in August 2018.
Quaid then married Buffington in 2004, but they officially split in 2016.
Prior to the final split, the pair had previously separated and filed for divorce in 2012 and 2013. In an interview last December 2018, Quaid opened up that despite the failed marriages he had gone through, he would never count anything out if he ever got to marry someone again.
Savoie, who is originally from St. Louis, Missouri, is now working towards her Ph.D.in accounting at the University of Texas at Austin and expects to graduate in 2021. The pair share joint custody of their 11-year-old twins, Thomas Boone and Zoe Grace, but Kimberly was reported 75 per cent of their time. During her time in undergrad at Pepperdine University, Savoie also dated actor Jeremy Piven, a source previously told PEOPLE.
The Intruder star was awarded his Austin, Texas, home following his divorce from Kimberly - perhaps where he met Laura.
If the engagement news is to be believed, this will be Quaid's fourth marriage, for, in addition to Kimberly, the actor was also married to actress P.J. Soles from 1978 to 1983 and Meg Ryan from 1991 to 2001. The pair Wednesday in 1991 and split ten years later in 2001.
Dennis and Meg had a son together, Jack Henry.