On Thursday morning, the two issued a joint statement shared with PEOPLE.
"We have realized we are better as friends and look forward to remaining so. We will continue to work together and support each other on our shared businesses and projects. We wish the best for each other and one another's children. Out of respect for them, the only other comment we have is to say is thank you to everyone who has sent kind words and support," the statement read.
The news of Lopez and Rodriguez's break up was first shared on Today.
The news comes a few weeks after Lopez, 51, and Rodriguez, 45, announced that they were "working through some things" following news breaking that the two had ended their engagement in early March.
"They never officially broke up and talked about it but are still together. They hit a rough patch. But were not broken up," a source close to the pair told PEOPLE then. "She's working in the Dominican Republic and he's in Miami so it's tough seeing each other especially with quarantining and COVID, but they want to try to stay together."
When the news first broke in early March that the two were on the brink of calling it quits, a source told PEOPLE it had "been a long time coming."
However, soon after, Rodriguez flew to the Dominican Republic where the two spent time together as she films Shotgun Wedding. A source told PEOPLE in late March that the couple was "doing everything they can to prioritize their relationship."
"He flew back to spend a few more days with Jennifer," an insider told PEOPLE about Rodriguez. "He is making a big effort, and he wants Jennifer to be happy."
"Jennifer was excited to see him in person. They are really trying to figure things out," a separate Lopez source told PEOPLE at the time. "It was a happy reunion."
The source explained that Lopez was "very much ready to give up" on their relationship but "she is happy they are still together."
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Earlier this year, Lopez talked about having to postpone their wedding twice because of COVID.
"We postponed the wedding twice. We had planned what we really, really wanted to do, [but] I don't know if we'll be able to re-create that," the "In the Morning" singer told Elle. "We canceled it, and since then we haven't really talked about it. There's no rush. We want to do it right when we can do it."
"I think it was really helpful for us in our relationship," she said, adding that they had hit pause on wedding planning after being forced to cancel two ceremonies due to the ongoing COVID-19 pandemic.