“We feel incredibly lucky to have come together at this juncture in our lives when our collective successes and failures can serve as building blocks for a healthy and happy relationship,” the couple said in a joint statement, according to Good Morning America. The outlet was the first to share the couple’s happy news.
GMA also reported that the couple will appear together on the cover of the new edition of Goop Magazine — which will hit stands on Tuesday — to celebrate their relationship milestone. In addition to staring in a loved up black-and-white cover shoot together, the couple also share some sweet messages about their love and how happy they are to be taking this next step together.
The morning news show also shared a short video from Goop in which Falchuk revealed that the couple — who love to eat together— frequently argue about “where should we go have dinner.”
Although Paltrow and Falchuk have only just now commented on their engagement, Entertainment Tonight previously reported that the couple have been engaged for a year.
And Paltrow doesn’t have to worry about there being any awkwardness about officially welcoming the Glee co-creator into her family, as Falchuk has already been embraced by her ex-husband, Coldplay frontman Chris Martin.
In November, the actress shared a picture on social media of Martin — whom she famously consciously un-coupled from in 2014 — hanging out with her Falchuk.
“Sunday brunch #modernfamily,” the 45-year-old captioned the snap, in which both men were sitting together with big grins on their faces.
A source also told PEOPLE in November that “Chris and Brad have met several times,” adding that “Chris accepted Brad a long time ago.”
RELATED VIDEO: Gwyneth Paltrow, Ex Chris Martin and Her Rumored Fiancé Brad Falchuk Grab ‘Sunday Brunch’ Together
The duo went public with their romance back in April 2015 at Robert Downey Jr.’s 50th birthday bash. Before that, they had been linked for more than a year, but flew under the radar with their relationship.
Falchuk, 46, has two children, Brody and Isabella, from his 10-year marriage to Suzanne Bukinik, which ended in a divorce filing in March 2013.
Another Paltrow insider previously told PEOPLE that the Iron Man actress knew she wanted to spend the rest of her life with Falchuck.
“She has many creative ideas on how to spend the rest of her life, and Brad will help make these ideas happen,” the source previously told PEOPLE. “Gwyneth is interested in everything about Brad. She has found the right guy.”