Paltrow, 45, was formerly married to the Coldplay frontman for 11 years before the two split in 2014. The exes have remained amicable, co-parenting their two children together, 13-year-old daughter Apple and 11-year-old son Moses. As for American Horror Story executive producer Falchuk, 46, he was also previously married to Suzanne Falchuk, whom he shares two kids with -- Isabella and Brody.
The actress has kept her relationship and engagement with Falchuk low profile, and a source told ET that the couple has actually been engaged for a year, but kept it secret.
Meanwhile, Paltrow and Martin seem to have figured out the secret to co-parenting amicably after divorce. This past year, the Oscar winner sat down with ET to talk about how she's managed to maintain a friendly relationship with Martin.
"You have to constantly let go," she admitted. "You have to let go of old ideas, old resentments. You have to put the kids first, which I think people have the idea of that, but then oftentimes, you struggle with it."
For more on their co-parenting style, watch the video below!