Katie captioned a photo of herself sitting in Chris' lap, while Chris shared a professional photo from his Bachelor in Paradise marriage proposal in Mexico.
The statement read, "One of the many lessons this life has taught us is that it's okay to be stubborn in the pursuit of happiness. To fight for what is real and good, and that often times the hardest thing and the right thing are the same."
"We've reached a point in our story where we agree it's best to go our separate ways. We have chosen to love and respect each other as friends because that's the base of our relationship, and it's what is most natural for us."
The former couple continued, "We are incredibly thankful for the support we've received from our family, friends and everyone who supported us throughout our journey -- from paradise to this moment."
"We are grateful for everything that we've learned in this chapter, and are hopeful for what is to come in life and in love for both of us," they concluded.
Katie and Chris, a six-time participant in The Bachelor franchise, arguably had one of the most beautiful and emotional marriage proposals of all time on the show because Katie seemingly changed his life and opened his heart again.
Chris initially found fame way back on Emily Maynard's season of The Bachelorette, but he got rejected when Emily determined her Final 3 bachelors.
Chris later returned for Season 3 of Bachelor Pad and then crashed Andi Dorfman's season of The Bachelorette. But Andi chose not to let Chris join her cast of guys since he had developed a player reputation from his time on Bachelor Pad.
Chris then appeared on Seasons 1 and 2 of Bachelor in Paradise, but he only lasted several weeks on each season.
Chris famously announced his "retirement" from The Bachelor franchise in 2015, but he clearly had a change of heart and decided to do the show again.
As for Katie, she is a medical sales representative from Sherman Oaks, CA, who previously appeared on Season 23 of The Bachelor starring Colton Underwood.