The couple have released a statement exclusively to People magazine explaining their decision, implying that the end of the relationship is mutual and affirming that raising their children is their priority.
'After much soul searching and consideration we have made the decision to separate as a couple. As devoted parents, our first priority remains raising our children together with enduring love, respect and friendship.'
Tobey and Jennifer share two children, a daughter called Ruby, nine, and a son called Otis, seven.
The couple met back in 2003 when Tobey was filming Seabiscuit, and Jennifer was working as a jewellery maker. After four years of dating, Tobey, 41, and Jennifer, 39, married in 2007 with a small, private ceremony in the sun in Hawaii, where they were joined by an intimate group of family and friends.
Back in 2007, Jennifer commented on their wedding to USA Today saying, 'Let's just say this is truly the best time of my life. I'm walking on air. I'm getting married, starting a family and have an amazing company.'
Jennifer gave birth to their first child Ruby the year before their marriage in 2007, and then two years later expanded their family with their son Otis in 2009.
Tobey commented at the time on how happy he was with the changes in his life, and gushing about his adorable daughter. Appearing on the popular TV show Letterman, he said 'It's a very dramatic change. My whole life is in transition now with friendships and where I'm gonna live, you know, just your whole perspective. It's great.'
Praising his daughter he continued, 'She's so adorable. She's just a smiley, little beautiful thing.'
Neither Tobey or Jennifer are yet to release personal statements or reference the split on their social media accounts.