"Love is a funny thing," Peter began in his lengthy New Year's Eve post.
"It can make you feel on top of the world and it can make you feel a pain you wish didn't exist. I'm here to share that Kelley and I have decided to go our separate ways. While our relationship was filled with countless beautiful memories, our relationship simply didn't work out in the end."
Peter continued, "Kelley is someone I will always have a special love for. Someone I have learned more from than she will ever understand. Someone I am so thankful came into my life and someone who I will always wish all of life's greatest blessings on."
"These moments in life always hurt," he added, "but in my opinion that shows you it was worth the time you spent together. Thank you Kelley."
Three days later, Kelley posted about her split from Peter on her own Instagram account.
"I know a lot of you have already heard the news, but I wanted to take some time to process it for myself before sharing... It saddens me to say this but Peter and I have decided to go our separate ways," Kelley wrote.
"Peter and I had some unbelievable times together and they will definitely be missed. Unfortunately him and I are in two different stages of our lives and saw our future paths differently."
She concluded, "I wish Peter the absolute best and want to thank everyone for your continued support as I move on to my next chapter."
Peter, a pilot from California, revealed on his Instagram Stories in late December that he and Kelley planned to move to New York City together the following month. (The pair first teased their plans to move to New York City in June).
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Kelley went on to say in her post, "I'm still hoping to make it to New York one of these days, but for now I just want to focus on my happiness! 2021, I can't wait to see what you have in store!"
When Peter disclosed last month he and the Chicago-based lawyer were moving to New York together in January, he said they were both "so beyond excited."
"Definitely lucked out that Kell was on board, and excited to share all of our new adventures with you guys," Peter shared in a Q&A session with fans, according to Bachelor Nation.
Peter added, "So grateful Kell was on board with the move! I had actually made it a goal of mine when I turned 20 that I wanted to live in New York City before my 20s were up and I'm just barely crossing it off the list!"
Peter also revealed his favorite thing about Kelley at the time.
"She just has such a beautiful gift to be able to pull out the absolute best in whoever she's around," Peter gushed of the attorney.
"And it's just so organic. She comes from such a place of love and it's the reason why I love her so much."
Rumors of a breakup sparked recently when Kelley and Peter didn't post photos with each other and their families during the holidays and apparently spent Christmas apart. (Peter and Kelley did, however, choose a Christmas tree together on December 1 and Peter's parents joined in for the fun).
But Peter and Kelley's breakup still came as a big shock to The Bachelor fans since they seemed to be crazy about each other.
As recently as October, an insider told Us Weekly, "They are very in love, serious and committed to one another."
Peter sent Kelley packing in fifth place on The Bachelor's 24th season, which aired in early 2020, right before his Final 4 ladies took him to their hometowns to meet their families.
"We're not on a reality show anymore, we can take our time," Kelley explained to Entertainment Tonight in July 2020.
"We don't need to rush anything. We want to make sure each other is in the right headspace, and there's nothing wrong with that. We're happy and we're living life."
Kelley added in the interview that she and Peter motivated each other to be better and they became best friends. She also apparently never held Peter's past and dating history against him.
"We've just done a good job of reassuring each other and just explaining why I did things, and owning up to my faults and just being a better person moving forward," Peter noted.
He later added in the ET interview, "Everything I put Kelley through... I'm still working to make it up to her for not picking her, and I'm never going to stop... I truly believe she is the perfect person for me."