June 26, 2018 03:18 PM

Derek Peth and Taylor Nolan have called it quits.

“It is with much sadness that we have decided to end our engagement,” the Bachelor in Paradise alums tell PEOPLE in a statement. “We put everything we could into our relationship and are heartbroken to go forward separately, but we know this is the best decision for the both of us. We will still be present in each other’s lives with support, admiration and respect for each other.”

Derek Peth and Taylor Nolan
Owen Hoffmann/Patrick McMullan/Getty Images

E! News was the first to report the split.

Nolan, a Bachelor alum from Nick Viall‘s season, and Peth, a Bachelorette alum from JoJo Fletcher‘s season, met on season 4 of Paradise last summer. They hit it off immediately and Peth popped the question on the reunion show in late August.

Derek Peth and Taylor Nolan on Bachelor in Paradise
Paul Hebert/ABC/Getty

RELATED VIDEO: See the Classic Engagement Ring Derek Peth Gave Taylor Nolan on Bachelor in Paradise

“Paradise was amazing — I definitely had started to fall in love with Taylor while we were there, but once I went to Seattle and saw her friends and family, it definitely was seeing her heart connect with her loved ones and her animals,” Peth told PEOPLE at the time. “There was one morning where we were drinking coffee on the porch looking at Mt. Rainier and reflecting and I was like, ‘Dang, I love this girl.’ “

The couple had been doing long distance. According to E! News, in early December, Peth relocated to New York City, while Nolan remained in Seattle.

Season 5 of Bachelor in Paradise premieres Aug. 7 at 8 p.m. ET on ABC.

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