The pair, who were married for two years, have called it quits, their rep confirmed to PEOPLE on Wednesday.
"Evan Rachel Wood and Jamie Bell have decided to separate," their rep says in a statement. "They both love and respect one another and will of course remain committed to co-parenting their son. This is a mutual decision and the two remain close friends."
The pair welcomed a son last July (choosing to keep his name a secret).
Wood, 26, who was previously engaged to Marilyn Manson, met Bell, 28, when they costarred in Green Day's "Wake Me Up When September Ends" music video in 2005. They wed in 2012.
Wood announced on Twitter on Wednesday that she was taking a break from social media for a while, while Bell deleted his account.
Twitter break for a while. ...to be continued.— Evan Rachel Wood (@evanrachelwood) May 28, 2014
Reporting by JULIE JORDAN