Why Tobey Maguire and Jennifer Meyer Are Getting Closer Again After Split

"Their relationship is much better," a source tells PEOPLE of estranged couple Tobey Maguire and Jennifer Meyer in this week's issue

Photo: Stefanie Keenan/Getty

Over one year after announcing their plans to separate, Tobey Maguire came out to support estranged wife Jennifer Meyer at the launch of her new jewelry line with Jenna Dewan Tatum last week.

The Spider-Man star, 42, and the jewelry designer, 40, posed for pictures at the Dec. 7 charity event in Los Angeles and haven’t yet filed for divorce — but that doesn’t mean they’re calling off the split.

“Their relationship is much better,” a source tells PEOPLE in this week’s issue, “but they’re definitely not reconciling.”

RELATED: Tobey Maguire and Wife Jennifer Meyer Split After 9 Years of Marriage

At the launch, where proceeds benefitted nonprofit organization Baby2Baby, the duo was cordial but not overly chummy. After happily taking for photos with the guest of honor, the Golden Globe nominee quickly ducked out.

“The two seemed to be friendly and on good terms, and he genuinely seemed happy to support her,” an observer tells PEOPLE. “But Tobey definitely left as soon as he could. Jennifer went about her hostess duties and wasn’t phased by this at all.”

Mike Windle/Getty Images for Au Fudge

The pair —married since 2007 — share daughter Ruby, 11, and son Otis, 8, and remain committed to coparenting.

“After much soul searching and consideration we have made the decision to separate as a couple,” they told PEOPLE in a statement in October 2016. “As devoted parents, our first priority remains raising our children together with enduring love, respect and friendship.”

Added an insider at the time, “They are great parents and they love their children.”

• Reporting by AILI NAHAS, ABBY STERN