The couple, who met on the set of Dancing With the Stars, announced their split on Twitter, reports Us magazine.
"We wanted you all to know directly from us, that Shannon & I have decided to end our relationship as boyfriend & girlfriend… However, we love and care about each other very much and will remain friends and in each others lives," posted the former couple on each of their Twitter pages.
Shortly afterwards, Elizabeth, who had been dating Hough for a year, thanked her fans for their words of encouragement.
The 35-year-old actress was once married to Joseph D. Reitman. They wed in 2002 and separated three years later.