04/04/2014 AT 05:45 PM EDT
The king of love ballads and his wife are no longer singing the same tune.
, 50, the pop singer behind romantic '80s and '90s hits like "Right Here Waiting," and "Hold On to the Nights," has announced that he and his wife, actress and singer Cynthia Rhodes, 57, are splitting, PEOPLE confirms.
The couple have been separated since July and are in the process of divorcing after 25 years of marriage, his rep tells PEOPLE.
The announcement was initially made on Friday's episode of Katie
. "Well, you're back on the market," Katie Couric said. "How are you feeling about dating?"
"It's all brand new to me, so I'm just having fun," Marx replied. While he did admit that recently turning 50 had had an effect on him, he insisted he wasn't having a midlife crisis.
"You hit 50 and go, what do I want to do differently?" he explained. "I want to do as much differently as possible."
Marx and Rhodes met
in 1983, when the actress, best known for her role as Penny Johnson in Dirty Dancing
, was playing John Travolta
's love interest in the film Staying Alive
and Marx was working on the soundtrack.
After four years of dating, they wed in 1989. She then retired
to concentrate on raising their three sons, Brandon, 23, Lucas, 21, and Jesse, 20. The couple lived in Lake Bluff, Illinois.