Billy Ray and Tish Cyrus Break Silence on Divorce: 'We Go Our Separate Ways with Love in Our Hearts'

Tish Cyrus and Billy Ray Cyrus are breaking their silence about their impending divorce.

"It is after 30 years, five amazing children and a lifetime of memories, we have decided to go our separate ways — not with sadness, but with love in our hearts," reads a joint statement issued by the couple via a family representative exclusively to PEOPLE. "We have grown up together, raised a family we can be so proud of, and it is now time to create our own paths."

"We will always be family and look forward to a continued and loving shared experience as friends and parents. We have not come to this decision lightly or quickly but with so much going on in the world, we wanted to provide some clarity and closure, so we can remain focused on what is important," continues the statement. "With Love and Hope… Tish and Billy Ray Cyrus."

David Crotty/Patrick McMullan/Getty Billy Ray Cyrus and Tish Cyrus

Last Wednesday, Tish, 54, filed for divorce in Williamson County, Tennessee after more than 28 years of marriage on the basis of "irreconcilable differences," according to documents obtained by PEOPLE. First reported by TMZ, the filing marks the third time the pair have split. Tish said in the documents that she and Billy Ray, 60, have not cohabitated in over two years.

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Tish and Billy Ray tied the knot in 1993 and had three children, daughters Miley, 29, and Noah, 22, and son Braison, 27. The Doc actor also adopted Tish's daughter Brandi, 34, and son Trace, 33, from her previous marriage.

RELATED: Noah Cyrus Wishes the 'Days Were Longer' with Dad Billy Ray Cyrus in Emotional TikTok

George Pimentel/Getty

In 2010, Billy Ray filed for divorce before revoking the petition less than six months later. "I've dropped the divorce. I want to put my family back together," said the "Achy Breaky Heart" singer in an interview with The View at the time. "Things are the best they've ever been."

Matt Winkelmeyer/Getty Tish Cyrus and Billy Ray Cyrus

Three years later, Tish put forth another divorce petition in June, but she and Billy Ray later told fans they successfully repaired their relationship through marriage counseling.

"We both woke up and realized we love each other and decided we want to stay together," the then-couple said in a statement at the time. "We both went into couples therapy something we haven't done in 22 years of being together, and it's brought us closer together and really opened up our communication in amazing ways."

In a 2016 interview with PEOPLE, Billy Ray said the couple had successfully taken a new, slower approach to their relationship. "It's like everything in life," said the musician. "You take it one step at a time. One day at a time. I think one of the most important things in life and in a relationship is, you make adjustments."