This will be the third divorce for the 41-year-old actress, who has two daughters with the art consultant - three-year-old Olive and 23-month-old Frankie.
The couple released a joint statement to People magazine, saying; 'Sadly our family is separating legally, although we do not feel this takes away from us being a family.'
'Divorce might make one feel like a failure, but eventually you start to find grace in the idea that life goes on. Our children are our universe, and we look forward to living the rest of our lives with them as the first priority.'
The pair married in June 2012 at Drew's home in Montecito, California, surrounded by friends and family – including Will's mother Ariel Kopelman, who was previously the CEO of Chanel.
The Charlie's Angels star told InStyle magazine after they tied the knot; 'It was never really love at first sight.'
'Will struck a lot of my pragmatic sides. He was someone who was always reachable on the phone, someone who was a classy human being, someone who has this incredible blueprint of a family that I don't have.'
The most recent picture of the couple shared on Drew's Instagram was 43 weeks ago on their third wedding anniversary, when the actress said; 'Happy anniversary Mr. Kopelman, cheers to you! I love you and I love our daughters!'
In 1994 Drew walked down the aisle for the first time with bar owner Jeremy Thomas. She filed for divorce weeks later.
Then, between 2001 and 2002, she was hitched to fellow actor Tom Green, but the couple split after less than a year.
In December 2015, Drew gave an insight into her married life amd learning to compromise, telling US Weekly: 'My husband used to tell me, "I hate that we're always racing to the airport. It's like an anxiety attack."
'And I thought, "Yeah, why am I fighting for that?" I don't like anxiety, so now I pack the night before'