In years past, actress Reese Witherspoon credited her husband, talent agent Jim Toth, with being “supportive” and helping her with her career, such as giving her the idea of turning books she loves into movies.

Now, after much speculation about trouble in the power couple’s relationship, Witherspoon has confirmed that she and Toth are in fact getting divorced.

In a joint statement shared by the couple, they explained, “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. 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.”

The couple has been married for 12 years, and they have one son together, 10-year-old Tennessee James. The couple explained, “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.”

In addition to Tennessee, Witherspoon also has two other children from her previous marriage to actor Ryan Philippe, 23 year old Ava, and 19 year old Deacon.

There is a lot at stake financially speaking in this divorce. According to Forbes, Witherspoon’s net worth is approximately $430 million. In addition, the couple has made quite a bit of money with real estate.

According to a source that spoke to PEOPLE, “There’s no drama.” The source explained, “This is so hard for both of them. There’s no drama. These decisions are so difficult when there is so much friendship and love there.” The source added that even though they are getting divorced, Witherspoon and Toth “still plan to work together in various capacities as they’ve done in the past.” For example, Toth is a founding board member of Witherspoon’s clothing line, Draper James.

Marilyn Chinitz is a  matrimonial and family law attorney at Blank Rome in New York. She is not at all involved in the divorce, but from the outside, she believes Witherspoon and Toth are going about the divorce in a smart way. She explained that they “seem to have done the smart uncoupling financial savvy thing, and that’s just to sell everything and create liquidity, then it’s easy to divide up money.”

Chinitz is hopeful that child custody decisions will go just as smoothly for the former couple. She’s optimistic that they’ll be “cooperative.” Chinitz added, “I think they ought to be applauded for the way they’ve handled their divorce.”

Watch the video below to learn more about Witherspoons marriages, career, and how the two have intertwined.