"We have mutually decided to end our marriage. We'll always be family and continue to cherish our relationship based on the special love, integrity, and respect we have always enjoyed," Judd, 44, and Franchitti, 39, told People.com in a statement on Tuesday.
The "Missing” actress and Franchitti were married in a highly private ceremony in Scotland in 2001 after being engaged for two years. They have no children.
There is talk that Judd may enter Democratic politics in 2014 by running for US Senator from Kentucky against incumbent Republican Sen. Mitch McConnell.
Actress Ashley Judd and racecar driver Dario Franchitti have decided to part ways after more than a decade of marriage.