The news was broken by TMZ, and Britney's rep Jeff Raymond confirmed the news in a statement to People, which read: "Britney Spears and Jason Trawick have mutually agreed to end their one-year engagement. As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends."
While happily ever after isn't in the duo's future, Spears told the magazine she'll "always adore" Trawick and intends to "remain great friends".
Trawick echoed similar sentiments, saying: "As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever."
It is reported by TMZ that the couple had been waiting until Trawick was removed from Britney's panel of conservators to break the news of their split.