Owner of the Atlanta Falcons, Arthur Blank faced divorce papers filed by his wife of 16 years, TMZ reported Sunday.

The billionaire and co-founder of Home Depot was estranged from his wife Stephanie since October of 2011 and according to the website, Stephanie recently filed divorce papers in Fulton County, Ga. The couple share three children.

Stephanie claimed in divorce documents that her marriage to Arthur was "irretrievably broken" and terms of the settlement were agreed upon. Though details remain confidential between the parties, large sums can be expected since Arthur is reportedly worth $1.3 billion.

Stephanie revealed that she and Arthur agreed upon a "comprehensive Parenting Plan" to raise their three children - a teenage boy and two younger boy-girl twins - though not much more is known about the respective settlement.

The couple's divorce comes after Arthur's NFL team lost to the San Francisco 49ers in the NFC Championship Game, ending their Super Bowl chances. The 49ers instead went up against the Baltimore Ravens in the Super Bowl on Feb. 3.

When the couple separated in 2011, a statement released by The Arthur M. Blank Family Foundation said they would "remain great friends."

"Arthur and Stephanie have decided to separate from their 16-year marriage. They remain great friends and are committed to working together to parent their three wonderful children," the statement read. "They are also both as committed as ever to their philanthropic work and business enterprises in the community. This is a sad and difficult time for Arthur, Stephanie and their family."

The statement added that the couple's separation would not affect Arthur's business ventures.

Arthur bought the Falcons in 2002. Known as a major philanthropist, he signed The Giving Pledge, vowing to give away at least 50 percent of his wealth to charity, according to Daily Mail.