Ben Affleck and Jennifer Garner to divorce after 10 years

Ben Affleck and Jennifer Garner confirmed on Tuesday they plan to divorce after 10 years of marriage.

The couple confirmed the news in a statement to PEOPLE:

"After much thought and careful consideration, we have made the difficult decision to divorce. We go forward with love and friendship for one another and a commitment to co-parenting our children whose privacy we ask to be respected during this difficult time. This will be our only comment on this private, family matter. Thank you for understanding."

The couple's anniversary was on Monday. The couple will not file for divorce immediately, according to TMZ.

The couple is "working things out" through a mediator and business managers. The couple will share joint custody of their three children, according to the report.