Combo picture of singer Chris Martin of Coldplay and actress Gwyneth Paltrow.
Gwyneth Paltrow and husband Chris Martin have officially announced their separation.REUTERS/Gustau Nacarino/Johann

Gwyneth Paltrow and husband Chris Martin have officially announced their separation after 10 years of marriage.

The couple took to their lifestyle website GOOP to declare their split in a post titled 'Conscious Uncoupling.'

"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's note reads.

"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," the note said.

The Iron Man actress started dating Martin in 2002 and later in 2003 they announced Paltrow's pregnancy. The Oscar-winning actress and the Coldplay frontman got hitched in December 2003 and have two children, 9-year-old Apple and 7-year-old Moses.

The duo has reportedly settled a dispute with Vanity Fair editor Graydon Carter in December 2013 when the magazine was supposedly going to expose details regarding Paltrow's marriage to Martin and her infidelity, according to the Us Weekly report.

Though a bad news for fans, close friends of the now-estranged couple believes that Paltrow and Martin still share a great bonding, E! News reported.

"It's not a sad thing, they're two grown-ups. They're best friends. Most important are the kids and they will continue to co-parent," an inside source reveals to E! News.

"They're in a great place. They tried, but know this is a better way for them to be. They still love each other, but they realize it's best not to be a couple anymore," the same source added.

Paltrow, who was the People's Most Beautiful Woman of 2013, had previously been engaged to actor Brad Pitt.