Ray J and Princess Love Still Married, But Living Separately

Ray J and Princess Love are still husband and wife -- doing the whole co-parenting thing -- but they're not back under the same roof, and that's just the way they like it for now.

Sources close to the couple tell TMZ ... they still haven't reconciled after she claimed in November he'd "stranded" her and their daughter, Melody, in Vegas after a heated argument. Remember, Princess was weeks away from giving birth to their second child at the time.

We're told they're getting along fine now ... doing family stuff together with no drama or arguing. This includes over the holidays, which is also when they welcomed their baby boy, Epik.

Our sources say the couple's living situation -- Princess stays at her luxury Beverly Hills condo while Ray J's at a nearby bachelor pad -- helps keep the peace. We're told she keeps the kids but Ray comes by to visit daily, and he has their dogs at his house.

As for the potential threat of divorce ... our sources say there's zero talk of that currently, and they're using the time apart to focus on themselves and being good parents. Princess, we're told, is very happy with the current set up.

That doesn't mean Ray J's not still trying to make amends though ... our sources say he went all out for Valentine's Day, covering the Bev Hills condo with more than 2,000 roses for both Princess and Melody.

As we've reported ... Princess said she was done with the marriage after the Vegas incident, and Ray J briefly stopped wearing his wedding ring. He had it back on a few days later, though ... but said Princess was still mad.

We're told things are looking a lot better now, but clearly, they still have plenty of smoothing out to be done.