A spokesperson for Hilary confirmed: They have mutually decided upon an amicable separation.
They continued: 'They remain best friends and will continue to be in each other's lives. They are dedicated to loving and parenting their amazing son, and ask for privacy at this time.’
Hilary and hockey player Mike married in August 2010 and the blonde star gave birth to their son, Luca, in March 2012.
The split comes as a shock to many since the couple are regularly spotted out together near their home in LA.
A source close to the couple revealed to an American gossip magazine: 'They have put effort and thought into this decision for a long time. They tried couples therapy, but in the end, they realised at this time, they work better as friends… they really are great friends.’
The source continued: 'It's something Hilary thought through. She really does care about him and he really does care about her.’
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It seems that the pair really are trying their best to maintain a good relationship, as Hilary tweeted alongside her now ex-hubby following the announcement: 'Mike and I are sitting here, we are so appreciative or all of your kindness& well wishes. Not an easy day but we’re getting thru it together.’
The couple reportedly have a pre-nuptial agreement, not only to protect Hilary’s Disney millions but also to protect Mike’s fortune.
The actress’s husband is heir to a $500 million company in Canada, as well as making a name for himself as an athlete.
In the wake of the split it would seem that Hilary plans to throw herself back into work after announcing that she is heading back to the studio to record her 5th album.