The couple, who have been married for 13 years, were filing for divorce on Friday morning, sources confirmed to PEOPLE. Bündchen, 42, later shared an Instagram Story addressing the split.
"With much gratitude for our time together, Tom and I have amicably finalized our divorce. My priority has always been and will continue to be our children whom I love with all my heart," she wrote. "We will continue co-parenting to give them the love, care and attention they greatly deserve."
She continued: "The decision to end a marriage is never easy but we have grown apart and while it is, of course, difficult to go through something like this, I feel blessed for the time we had together and only wish the best for Tom always."
Closing out her statement, the supermodel asked that "our privacy be respected during this sensitive time."
Brady, 45, also released a statement on his Instagram. "In recent days, my wife and I finalized our divorce from one another after 13 years of marriage. We arrived at this decision amicably and with gratitude for the time we spent together," he wrote. "We are blessed with beautiful and wonderful children who will continue to be the center of our world in every way.
He echoed Bündchen's sentiment by saying they will continue to "work together as parents."
"Doing so is, of course, painful and difficult, like it is for many people who go through the same thing every day around the world," he added. However we wish only the best for each other as we pursue whatever new chapters in our lives that are yet to be written."
Tom Brady/Instagram Tom Brady
PEOPLE confirmed that the couple will file for divorce Friday morning.
"The settlement is all worked out," a source with knowledge of the situation tells PEOPLE. "They've been working on the terms this whole time."
The source adds: "They agreed to joint custody of the kids."
Stefanie Keenan/Getty Images Tom Brady and Gisele Bündchen
As for where the couple will live, a source with knowledge told PEOPLE, Brady will remain in Tampa and also has a residence in Miami. And Bündchen is going to be living in Miami.
The couple's split comes after months of reports that the couple had been struggling, and that Bündchen "is done with their marriage," another source previously told PEOPLE.
"She was upset about it for a long time and it's still difficult, but she feels like she needs to move on," the source said in early October. "She doesn't believe that her marriage can be repaired."