"Aaron and Denise just got engaged and would love to be married sooner than later now that his divorce is finally in his past," a source tells PEOPLE

The actress is engaged to Aaron Phypers, PEOPLE can exclusively reveal.

Get push notifications with news, features and more.

“Aaron and Denise just got engaged and would love to be married sooner than later now that his divorce is finally in his past,” a source tells PEOPLE. “The engagement has been a long time coming. He moved on from his past relationship a long time ago, and marrying Denise is a welcome new chapter for both of them in different but equally significant ways. The two of them are very happy and have settled into life with one another, so now they’re pretty focused on getting this very intimate ceremony off the ground. They’re just ready to start their married life together.”

Image zoom Aaron Phypers and Denise Richards JB Lacroix/ Getty Images

The couple has been dating since at least December 2017. Phypers finalized his divorce from Desperate Housewives star Nicollette Sheridan last month — two years after they separated following just six months of marriage.

Richards, 47, was married to Charlie Sheen from 2002-06, and they share two daughters: Sam, 14, and Lola, 13. (She is also mom to daughter Eloise, 7.)

As for their big day, “Denise and Aaron just want a small group of people to be at the wedding, really just their inner circle,” the source says. “They’ve both done this before and this time just want to exchange vows in front of the people who are most important.”

The Wild Things star recently joined the cast of RHOBH and has been photographed filming the Bravo reality show, which is expected to premiere before the end of the year.