The 36-year-old model and the 62-year-old music executive are engaged, a rep for the couple told Us Weekly.
Liberty and Jimmy have been dating since early 2013, right after she filed for divorce from her first husband, director Rupert Sanders.
Both Liberty and Jimmy bring several kids into the relationship. She has two kids – Skyla, 10, and Tennyson, 8 – from her previous marriage while he has four children from his first marriage.
Congratulations to the happy couple on the exciting news!