Johnny Depp & Vanessa Paradis Living 'Sad' Separate Lives

UPDATED 01/18/2012 at 09:30 AM EST • Originally published 01/18/2012 at 08:00 AM EST

Once upon a time, Johnny Depp and Vanessa Paradis lived a quiet family life far from the spotlight in the sleepy French hamlet of Plan-de-la-Tour.

But that time is no more, and now the couple largely reside in L.A. – when they are in the same city at all.

Depp, 48, and Paradis, 39, who are parents to Lily-Rose, 12, and Jack, 9, have not appeared side-by-side on a red carpet for more than a year. Multiple sources tell PEOPLE in this week's cover story that the relationship is all but officially finished.

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In fact, some in their circle say the couple of nearly 14 years have already split. Says one insider: "It's so sad."

For much more on this story, including details on Depp's solo nights out, pick up this week's issue of PEOPLE, on newsstands Friday