AceShowbiz -

Ryan Phillippe is back on the market! The 42-year-old actor and his fiancee Paulina Slagter have broken up after almost five years of dating, a source tells Us Weekly. There's no word on what caused the split and when that exactly happened.

The actor, who is best known for his roles in "I Know What You Did Last Summer" and "Cruel Intentions" among others, started dating the law school student in 2011. He popped the question last Christmas and the pair celebrated the engagement with a lunch at Seaspice in Miami two days later.

Ryan was previously married to Reese Witherspoon from 1999 to 2007. They have two kids together, 17-year-old Ava and 13-year-old Deacon. Following his split from Reese, he dated actress Abbie Cornish, but their relationship ended in 2010.

Ryan later briefly dated model/actress Alexis Knapp, with whom he shares a 5-year-old daughter named Merizalde Phillippe-Knapp. He was also romantically linked to Amanda Seyfried in late 2010 until early 2011.

Ryan stepped out on Tuesday, November 1 with his "Shooter" co-stars Eddie McClintock, Shantel VanSanten, Cynthia Addai-Robinson and Omar Epps to attend the TV Guide and USA Network celebration of his new series as well as his TV Guide Magazine cover at Riviera 31 Sofitel in Beverly Hills, Calif. The new series will launch November 15 on USA.