06/17/2009 at 04:55 PM EDT
Billy Joel and his wife, Katie Lee, are calling it quits, PEOPLE confirms.
"After nearly five years of marriage Billy Joel & Katie Lee Joel have decided to separate. This decision is a result of much thoughtful consideration. Billy & Katie remain caring friends with admiration and respect for each other," says a statement issued by both of their reps.
For months, the couple has dodged reports of trouble in the marriage. Joel, 60, married
Katie, 27, in a sunset wedding on September 2004 at his 15-acre waterfront Center Island estate in Long Island. Katie is a chef and former host of Bravo's Top Chef
Reporting by ALEXIS CHIU