Mark-Paul Gosselaar Is Engaged

By Elizabeth Leonard and Monica Rizzo

Update Wednesday August 10, 2011 07:30 PM EDT Originally posted Wednesday August 10, 2011 03:30 PM EDT

Mark-Paul Gosselaar and Catriona McGinn

Michael Bezjian/WireImage

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Mark-Paul Gosselaar has found a new love and is getting married to advertising executive Catriona McGinn, PEOPLE has exclusively learned.

Gosselaar, 36, whose divorce from Lisa Ann Russell was finalized in May, proposed recently with a 5 carat cushion-cut diamond ring, custom designed by his friend, jeweler Neil Lane.

"He couldn't wait to propose," Lane tells PEOPLE. "He was so excited to have found the woman of his dreams."

RELATED: All About Mark-Paul Gosselaar's Romantic Engagement Ring!

The former star of Saved by the Bell and current star of Franklin & Bash has two children, son Michael, 7, and daughter Ava, 5, from his marriage to Russell.

No wedding date has been set.