Lyric discussion by wiseindiegirl 

Cover art for You Already Know lyrics by Bombay Bicycle Club

i agree Sheet. the start of the song is when they get together. "the paint peels and slowly falls" as time goes on they come to the relisation that their relationship isnt workin n must come to an end.
"we both know we could be someone better" they know they should separate. i think thats its about how some people can love each other but are better off not being together. like best friends or something.