The couple "have amicably separated," Depp's publicist said in a statement released to Entertainment Tonight Tuesday. "Please respect their privacy and, more importantly, the privacy of their children."
As PEOPLE has reported, the two drifted into living separate lives after moving to Los Angeles from France. They haven't appeared together on a red carpet in a year and, an insider told PEOPLE about their crumbling relationship, "It's so sad."
The couple have two children together: Lily-Rose, 13, and Jack, 9.
Depp, 49, and Paradis, 39, first got together in 1998. Their romance began that June, when Depp saw the French actress sitting with a group of friends at the bar of the Costes Hotel in Paris, where he was having dinner with colleagues. Depp had a friend invite her over, and they talked for two hours.
A longtime resident of Plan-de-la-Tour in southern France, Depp recently told French magazine VSD that living in France with Paradis and their kids "has given me everything. A marvelous family and also an equilibrium which I missed enormously."
And in 2010, Paradis gushed to the U.K. edition of Marie Claire about her man.
In another interview, Paradis explained why the pair never felt the need to marry.
"I love the romance of 'let's get married,' but then, when you have it so perfect ... I mean, I'm more married than anybody can be – we have two kids. Maybe one day, but it's something I can really do without," Paradis once told Elle.