Reese Witherspoon and Jim Toth are divorcing after nearly 12 years of marriage

Reese Witherspoon and Jim Toth are going their separate ways.

The Oscar-winning actress and her talent agent husband announced Friday that they have "made the difficult decision to divorce" after nearly 12 years of marriage.

In a joint statement posted to social media, Witherspoon and Toth 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. These matters are never easy and are extremely personal. We truly appreciated everyone's respect for our family's privacy at this time."

Jim Toth and Reese Witherspoon
Jim Toth and Reese Witherspoon

Christopher Polk/Getty Images Jim Toth and Reese Witherspoon

A source told PEOPLE that Witherspoon and Toth "really are the best of friends" and that the decision to part ways was amicable. "They are so committed to co-parenting together. They are invested in their whole family and making this as smooth as possible for everyone."

Witherspoon, 47, and Toth, 52, announced their engagement in 2010 and wed the following year. The news of their split comes two days before their 12th anniversary. They share a son, 10-year-old Tennessee James. (Witherspoon also has two children with her ex-husband Ryan Phillippe: son Deacon, 19, and daughter Ava, 23.)

Witherspoon was most recently seen on screen in the Netflix rom-com Your Place or Mine opposite Ashton Kutcher, and she's also an executive producer on the Amazon rock drama Daisy Jones & The Six, which released its finale Friday.

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