The Dancing dude and his gal made their red carpet debut together at this weekend's Art of Elysium Heaven Gala in L.A. after meeting last summer.
So just how serious have the lovebirds gotten?
"We're serious," a smiley Arquette exclusively told us, adding, "But we're having fun."
"We're enjoying the moment," McLarty said.
McLarty, a reporter for Entertainment Tonight, lives in NYC while Arquette lives in L.A. "It works out," McLarty said. "When I'm here we kind of chill. We don't really go out that much."
"We're making it work," the 40-year-old actor added. "We try to do a no more than two weeks [apart] rule."
Arquette, a onetime Dancing With the Stars hopeful, has introduced McLarty to the world of dance.
"We've taken dance lessons together," she laughed. "We took a hip-hop class at the Broadway Dance Center. I have the shoulder brush down."