In what is considered to be one of the most shocking headlines of the moment, Hollywood couple Jennifer Lopez and Marc Anthony are reportedly filing for divorce, putting an end to their 7-year marriage.

“We have decided to end our marriage,” they tell PEOPLE in a joint statement. “This was a very difficult decision. We have come to an amicable conclusion on all matters.”

“It is a painful time for all involved,” the statement continues, “and we appreciate the respect of our privacy at this time.”

Lopez, 41, and Anthony, 42, wed in 2004 in a secret ceremony at Lopez’s Beverly Hills home. The now estranged couple are parents to 3-year-old twins Max and Emme.