"Bristol and Dakota couldn't be more thankful for the love and support of family and friends over the past months while preparing for their wedding," the former Alaska governor wrote. "They have informed loved ones that unfortunately the announced celebration planned for May 23 will not be held."
She added that the Palin and Meyer families would still gather for a barbecue in Kentucky, where the wedding was supposed to be held, to "celebrate life, in general!" She also included the following statement from her daughter.
"Regarding salacious headlines in recent days about 'secret wives,' Dakota and I discussed our past relationships prior to our engagement. Dakota was legally divorced years ago, as any good reporter could and should have disclosed to readers. As usual, false stories and dramatically written headlines begging controversy should be disregarded, and we have faith that our privacy will be respected at this time by those with decency."
It was reported last week that Meyer had married another woman, Cassandra Wain, in May 2008, and that he'd hidden his previous marriage from Bristol.
Neither Bristol nor Sarah said if the couple had ended their engagement or if the wedding had been moved to a different date.
Sarah's Facebook post accompanied a photo that read, "Trust in God's timing. It's better to wait a while and have things fall into place than to rush and have things fall apart." Bristol had shared the same picture on Instagram on Saturday.
Bristol, 24, and Meyer, 26, announced their engagement in March 2015. The former Marine and U.S. Medal of Honor recipient had been counting down the days to their wedding on Instagram.
Bristol also took to social media on March 14 to show off her engagement ring in a photo of the couple kissing.
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This is the second broken engagement for Bristol, who was also previously engaged to Levi Johnston, the father of her 6-year-old son, Tripp.