The couple broke the news Tuesday (March 25) on Paltrow's Goop website, in a statement titled "Conscious Uncoupling."
"It is with hearts full of sadness that we have decided to separate," the statement read in part."We have been working hard for well over a year, some of it together, some of it separated, to see what might have been possible between us, and have come to the conclusion that while we love each other very much, we will remain separate."
Paltrow and Martin married in December 2003, and have two children together; Apple, born in 2004, and Moses, born in 2006. In their statement, the couple said their children remain their top priority, and asked for privacy during this time.
"We ... always will be a family, and in many ways, we are closer than we have ever been. We are parents first and foremost, to two incredibly wonderful children, and we ask for their and our space and privacy to be respected at this difficult time," it read. "We have always conducted our relationship privately, and we hope that as we consciously uncouple and co-parent, we will be able to continue in the same manner."
A rep for Paltrow could not be reached for comment by MTV News, but a spokesperson for Martin confirmed the Goop post's veracity, and added "it is the only statement which will be made."