The two made the announcement on the actress' website, Goop.com with a post titled, "Conscious Uncoupling."
Their statement read, "It is with hearts full of sadness that we have decided to separate. 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 we have come to the conclusion that while we love each other very much we will remain separate."
The couple added, "We are, however, and 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. 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."
Paltrow and Martin, who fronts the band Coldplay, tied the knot in 2003 and have two children together; Apple, 9, and Moses, 7.