Simon Cowell and Lauren Silverman 'Bring Out Very Best in Each Other,' Says Source: They're 'Soulmates'

"A lot of things have happened in the last few years ... these things have all been a reminder about what is precious to them," a source tells PEOPLE of the couple getting engaged

Simon Cowell and Lauren Silverman are ready for their forever.

Following news of the couple's engagement on Tuesday, a source tells PEOPLE that Cowell, 62, and Silverman, 44, were meant to be together, calling the pair "soulmates."

"They have fun together, as well as being each other's rock," the source says. "They are both passionate [about one another], but really do bring out the very best in each other. As a family, they all have such an incredible bond."

The source also notes that the longtime couple — whose romance dates back to 2004 — decided to get engaged now after recent events shifted their perspective on life.

"A lot of things have happened in the last few years and just like for everyone else in the world, these things have all been a reminder about what is precious to them," the source explains.

Simon Cowell & Lauren Silverman
Simon Cowell and Lauren Silverman. getty

On Tuesday, PEOPLE confirmed that Cowell proposed to Silverman on Christmas Eve in Barbados, where they first met.

Cowell and Silverman, who were enjoying a family vacation on the Caribbean island, went for a walk on the beach where the America's Got Talent judge got down on one knee and popped the question.

"In Barbados, Simon took Lauren for a walk on the beach when he surprised her with the ring. They were out for dinner at the time with Eric and Adam, who were both so excited!" the source says, referencing the couple's 7-year-old son Eric and Silverman's 16-year-old son Adam.

An insider previously told PEOPLE: "They are both super happy. They've been together a long time now and adore each other so it's not a huge surprise to their close friends."

Simon Cowell & Lauren Silverman
Simon Cowell and Lauren Silverman. getty

Cowell previously raved about his relationship with Silverman, giving her a sweet shout-out in 2018 when he was presented with a star on the Hollywood Walk of Fame.

"Lauren, you've been my rock for the past few years, put up with everything I put up with," he said at the ceremony.

Silverman has been equally fond of Cowell, sharing in 2020 that "Simon has changed me."

"He makes me laugh all the time," she said. "I can't get angry with him because when I'm trying to be cross, he just makes me laugh."

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