Published Tuesday, 25 March 2014
Chris Martin and Gwyneth Paltrow attend a charity event in January 2014 (© Getty)
The online post, which is entitled "Conscious Uncoupling", was published on the star's goop.com site on Tuesday.
The site crashed following the announcement due to high volumes of traffic.
The statement reads: "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, who married 10 years ago, have two children - daughter Apple and son Moses.
In her statement, Paltrow, 41, asked for the privacy of her "two wonderful children" to be respected "at this difficult time".
"We have always conducted our relationship privately, and we hope that as we consciously uncouple and coparent, we will be able to continue in the same manner," she added.
© UTV News