The couple, both 49, cited irreconcilable differences, according to court paperwork, and announced the sad news publicly yesterday with a joint statement.
'It is with a heavy heart that we have come to the decision to divorce,' the statement read.
'We move forward with love and respect for one another and the shared focus of what is best for our son. We wish each other nothing but happiness in life and we hope that you respect our and, most importantly, our children's privacy as we go through this difficult period.'
This is the third divorce for the former Bond girl, who married baseball player David Justice in 1993 and singer Eric Benét in 2001. In 2007, Halle stated in an interview: 'I will never, never get married again'.
The couple are parents to two-year-old son, Maceo-Robert, who was born just a few months after they got married in July 13 2013, at the rustic Chateau des Conde in Vallery, France.
The split has apparently been caused by disagreements over their living situation, as the French actor never enjoyed living in L.A. full time, according to People magazine. The Oscar winning actress had planned to move to Europe to raise her kids but was never able to because of custody issues with the father of her daughter Nahla, 7.
Olivier, who previously dated Kylie Minogue for five years, is currently being sued for $5 million by an an LAX airport employee, who claims the actor shoved him with a baby seat earlier this year.
Halle, who was one of the highest paid Hollywood actresses in the 2000s and whose fortune is estimated at around $80million, is said to have signed a pre-nup before their wedding.
The couple met in 2010 on the set of Dark Tide. Both parties have requested joint custody of their son.