updated 01/29/2013 AT 4:00 PM ET
•originally published 01/29/2013 AT 5:00 PM ET
Gilbert, 48, and former Thirtysomething star Timothy Busfield, 55, are headed to the altar, the actress’s rep confirms to PEOPLE.
“They are engaged and both are incredibly happy,” the rep says. The two got engaged over the holidays, adds a source.
Busfield, who has also been married twice, has three children from previous relationships.