The couple announced the news just two days after reuniting onstage after "The Bachelor" finale on Tuesday night. Both Peter and Madison posted about their split on Instagram, praising each other for their love, and explaining it was a "mutual" decision.

Peter wrote a long caption about his journey as the Bachelor and his feelings for Madison. He began, "I want to start by acknowledging the incredible group of women that I had the privilege of getting to know this season. Thank you for coming on this journey with me. I learned so many lessons from all of you that I will carry with me. Madi, thank you for your patience and unconditional love."

The 28-year-old praised Madison as the "epitome of a woman who carries herself with grace, stands by what she believes in, and loves whole heartedly." Peter said he felt "grateful" for that love and "will take a piece of that with me always going forward."

He went on, "Madi and I have mutually decided to not pursue our relationship any further. Believe me this was not easy for either of us to be ok with, but after a lot of honest conversations, we have agreed that this is what makes most sense for the two of us. The love and respect I have for Madi will continue to endure."

Peter then mentioned his ex-fiancée, Hannah Ann Sluss. He proposed to her on the finale but they broke up after the show aired. He wrote, "Hannah Ann, you set an example for women everywhere a couple nights ago. You are such a strong, confident woman and you deserve all the love in the world."

The pilot said he takes "full responsibility for my mistakes in our relationship and wish you only the best."

He concluded, "This has been an emotional experience and I am so grateful for the outreach of support that I have received from friends, family, and Bachelor Nation in the last few days. Thank you to all of you! This is just another chapter in my story. One I will never forget and one I will always cherish."

In her post, Madison said she was "incredibly thankful for this amazing journey." She shared, "I’ve had the honor of being a part of. I have grown so much and am stronger than I was going in. I have learned the importance of acceptance, forgiveness, and grace."

Much of Bachelor Nation came out in support of Peter and offered their best wishes. Blake Horstmann wrote, "Keep your head up man! You will become a stronger man through all of this!"

Ben Higgins commented, "Well done man, you are one of the great ones."

Madison broke up with Peter during their last week in Australia before he could propose to her, which left him heartbroken. He got engaged to Hannah Ann, but they broke up because he couldn't give her his "entire heart."

Chris Harrison visited Madison in her hometown of Auburn, Alabama, after Peter and Hannah Ann split and informed her of the news. Madison told the host, "If we had a second chance at this, I'd take it in a heartbeat."

Peter and Madison briefly reunited in Los Angeles after that and then saw each other again onstage at "After the Final Rose." She told Chris at the show, "I love Peter and that hasn’t change since that day in Australia. The love and care we have for one another is so evident and obvious. I think we were both hoping after that day in Australia we would have closure and move on, but I think those feelings just never went away."

Peter said, "I know there’s a lot of healing we have to do, but the love I have for you will not change. I know I’ve made more mistakes than any other Bachelor but we’re sitting on this couch together."

The Season 24 Bachelor acknowledged they already dealt with "a million and one obstacles" and their relationship would be an "uphill battle," but he was willing to try to make it work. Barb, Peter's mom, disagreed with this decision and made that clear on the show. Madison argued, "As a mother you’re going to be thinking about Peter, but this is my journey too. This isn’t just Peter choosing me, this is me choosing Peter."