"As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends."
Meanwhile, Jason insisted he will always cherish Britney and her sons Sean Preston, seven, and Jayden James, six.
He said: "As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever."
While Britney's legal and personal affairs have been in the hands of her father Jamie Spears since her breakdown in 2008, Jason acted as co-conservator but reportedly asked for news of their break-up to be kept private until his role as conservator ends.
This could happen imminently as Jamie attended court on Friday to discuss Britney's legal situation.
The break-up comes after a hectic week for Britney, who announced she has quit her role on the X Factor in order to focus on her music career.
She said: "I've made the very difficult decision not to return for another season. I had an incredible time doing the show and I love the other judges and I am so proud of my teens but it's time for me to get back in the studio.
Watching them all do their thing up on that stage every week made me miss performing so much! I can't wait to get back out there and do what I love most."
- BANG! Showbiz