Yolanda Foster and David Foster Divorcing
updated 12/02/2015 AT 09:35 AM EST
•originally published 12/01/2015 AT 05:00 PM EST
"Sadly we have decided to go our separate ways," the couple tells PEOPLE in an exclusive statement. "We've shared nine beautiful and joyous years together. During that time we experienced love, friendship and the inevitable challenges that come with managing a marriage, careers, blended families and health issues."
The reality star, 51, has three children from her first marriage to Mohamed Hadid: Gigi 20, Bella, 19, and Anwar, 16.
Foster, a 16-time Grammy award winner, has been married four times and has five daughters.
At their fairy tale wedding on Nov. 11, 2011, David, 66, told Yolanda: "Tonight, I'm the luckiest man on the planet."
And when the couple recently put her their Malibu mansion on the market, Yolanda wrote on Instagram: "Beautiful ending to a beautiful chapter of our life," alongside a romantic picture of David with her by their pool at sunset.
"We are grateful for the years we've spent together and believe wholeheartedly that we did our best," the couple's statement continues. "I hope that we can pave the road ahead of us with all we've learned and with the love and respect we will always have for one another."