Reese Witherspoon, husband Jim Toth takes 'difficult decision' of separation

Jim Toth and Reese Witherspoon are divorcing.

Prior to their 12-year wedding anniversary on Sunday, the Oscar winner, who turned 47 on Wednesday, and her talent agent husband, 52, made the announcement in a joint statement on Friday.

"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."

As a source tells People magazine about the couple, "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."

In December 2010, Witherspoon and Toth announced their engagement. Their relaxed wedding took place on her estate in Ojai, California, in March 2011. Tennessee James, age 10, is their son together, and Witherspoon also has two children—daughter Ava, age 23, and son Deacon, age 19—with her ex-husband Ryan Phillippe.