Reese Witherspoon and Jim Toth are calling it quits but remaining co-parents to their son.

On Friday (Mar. 24), the couple announced their divorce in a joint statement, just 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 wrote. "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 continued. "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 told People that it was an "amicable decision" and that they "really are the best of friends."

"They are so committed to co-parenting together," the insider noted. "They are invested in their whole family and making this as smooth as possible for everyone." The former couple share their 10-year-old son Tennessee Toth while Witherspoon is mother to daughter 23-year-old Ava and 19-year-old Deacon that she shares with ex-husband Ryan Phillippe.

Another source told E! News that there "is no drama, no event or reason," and added that "They are just two people who have made this decision with the utmost love and respect and love for their child."

Page Six's insider said that the parents became "just two people who essentially became co-parents and don’t really have any romantic feelings for each other anymore."

At the time of this article's publication, Witherspoon and Toth have not officially filed for divorce.

Witherspoon and Toth got engaged in December 2010 and tied the knot in March 2011. Witherspoon revealed to ELLE that she met Toth at a friend's house and liked him because he was a "really good person."

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