Gwyneth Paltrow and Chris Martin are calling it quits.

The Iron Man 3 actress and the Coldplay singer announced on Tuesday that they are ending their marriage after 11 years.

"It is with hearts full of sadness that we have decided to separate," the former couple explained on Paltrow's website, Goop. "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."

However, both parents remain committed to raising their two children, 9-year-old Apple and 7-year-old Moses (see photos here). While the two celebrities are now free to move forward with their separate lives, they will still be in touch as they co-parent their youngsters .

"We are, however, and always will be a family, and in many ways we are closer than we have ever been," Paltrow and Martin stated on Goop." 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."

Coldplay's next album will drop on May 19, and moviegoers can catch Paltrow in Mortdecai later this year.