The pair made the announcement via a joint statement on the Oscar winner's website, Goop, with a post titled "Conscious Uncoupling."
"It is with hearts full of sadness that we have decided to separate," their statement read. "We have been working hard for well over a year, some of it together, some of it separated, to see what might have been possible between us, and we have come to the conclusion that while we love each other very much we will remain separate."
And despite the fact that their split is seemingly amicable, as evidence by the fact that the duo jetted away to the Bahamas with daughter Apple and son Moses just before breaking the news to avoid the media glare, there are still plenty of assets to be split between the onetime powerhouse couple.
Such as who will get custody of the pair's famous friends, considering Gwyneth and Chris are notorious for rubbing elbows with Hollywood's elite (and we all know people often takes sides after a split). Although Chris has his bandmates, there are still plenty of pals in question, such as Beyoncé and Jay Z .
So will the musical duo still be Paltrow's BFFs? We think so, seeing as Bey attended Paltrow's 40th birthday party and the blond beauty previously told E! News that her 7-year-old son wants to be more like "Uncle Jay."
As for Paltrow's pal who can be a shoulder to cry on? That title will have to go to Chelsea Handler, who is known for sticking by her besties and is a big proponent of girl power.
There's also the Iron Man star's longtime pal Cameron Diaz as well as Tracy Anderson, who Gwyneth can count on for both words of wisdom as well as an endorphin-inducing workout.
Safe to say Paltrow has built herself a solid support system. And presumably, with time, girl's going to be just fine.