Word came Friday (1/11) in a statement from Britney Spears and Jason Trawick that have broken up.

"Britney Spears and Jason Trawick have mutually agreed to end their one-year engagement," her rep Jeff Raymond tells PEOPLE exclusively.

"As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends."

Spears and Trawick confirmed their parting in a statement her rep released to PEOPLE.

"Jason and I have decided to call off our engagement," Spears says in the statement. "I'll always adore him and we will remain great friends."

Adds Trawick: "As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever."

The break up comes just over a year after he popped the question to the pop star in Las Vegas and already there is a ton of speculation as to what went wrong.   According to a close source, Spears, 31, and Trawick, 41, both wanted "different things" and Trawick was sick of his role of her "babysitter".

"There was no third party involved," says the source of the couple, who began dating in 2009. "Things haven't been ideal in their relationship for some time. There was a lot to work on before they could move forward and get married."

One of those things may have been Trawick's desire to maintain a life outside their relationship.

"Britney had a lot of issues with Jason doing his own thing – in business and seeing his friends," another source says. "In her perfect world he would have been home with her twenty-four/seven, so that was a point of contention; something they were always working on."

There are also rumors that the didn't see eye to eye on more children. "Britney wants to grow her family," says a source close to the couple. "Jason loves her boys but he is not in a place to have his own."

~Vanessa

Flashback to 2011 when Jason starred with Brit Brit in her hot, steamy video for "Criminal"...