Reese Witherspoon and Husband Jim Toth Announce ‘Difficult Decision’ to Divorce After 11 Years of Marriage

Reese Witherspoon and Jim Toth are breaking up.

The Oscar winner, who turned 47 on Wednesday, and her talent-agent husband, 52, are ending their marriage, they announced in a joint statement on Friday, days before their 12-year wedding anniversary on Sunday.

“We have some personal news to share... It is with a great deal of care and consideration that we have made the difficult decision to divorce,” they said. “We have enjoyed so many wonderful years together and are moving forward with deep love, kindness and mutual respect for everything we have created together.”

“Our biggest priority is our son and our entire family as we navigate this next chapter,” they added. “These matters are never easy and are extremely personal. We truly appreciate everyone’s respect for our family’s privacy at this time.”

A source tells PEOPLE, “They really are the best of friends and this is such an amicable decision. They are so committed to co-parenting together. They are invested in their whole family and making this as smooth as possible for everyone.”