The couple "have decided to take time off as a couple. Due to busy work schedules and so much time apart, they mutually decided four weeks ago that separating was the best thing to do at this time," according to a joint statement from the couple to PEOPLE.
"They're very good friends, but they haven't been able to be together," a source close to Cruz tells PEOPLE. "Who knows what the future holds."
Cruz, 32, is currently in Spain filming Manolete, a drama about the legendary Spanish bullfighter, costarring Adrien Brody. Meanwhile, McConaughey, 36, is in the U.S. shooting We Are Marshall, about former Marshall University football coach Jack Lengyel.
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The couple last saw each other in March when McConaughey visited Cruz on location in Spain.
McConaughey, PEOPLE's Sexiest Man Alive, and Cruz have been dating for more than a year. They met while filming last year's Sahara.