Another longtime Hollywood couple have decided to call it quits. Liev Schreiber and Naomi Watts announced they are splitting after 11 years together.

“Over the past few months we've come to the conclusion that the best way forward for us as a family is to separate as a couple. It is with great love, respect and friendship in our hearts that we look forward to raising our children together and exploring this new phase of our relationship,” the couple said in a joint statement Monday. “While we appreciate your curiosity and support, we ask the press to be mindful of our children and respect their right to privacy.”

The couple, who never married, have two children together, Alexander “Sasha,” 9, and Samuel, 7.

A source told E! News that there wasn't one specific thing that led to the timing of the split. Instead, “it's been a long time coming.” The insider added that they will continue to live in both Los Angeles and New York while they raise their two children.

Schreiber and Watts have recently been seen making the film festival rounds together to promote their upcoming film, “The Bleeder.” The duo were spotted looking happy at the Venice Film Festival and Toronto International Film Festival this month.

Watts was, however, noticeably missing by Schreiber's side at the Emmy Awards on Sept. 18.

— E! News