Dan Snierson
July 15, 2011 AT 09:57 PM EDT

Jennifer Lopez and Marc Anthony are planning to divorce after seven years of marriage, reports People. The couple released the following statement to the magazine: “We have decided to end our marriage. This was a very difficult decision. We have come to an amicable conclusion on all matters. It is a painful time for all involved, and we appreciate the respect of our privacy at this time.”

The 41-year-old singer/actress/American Idol judge and the 42-year-old Latin pop star are the parents of three-year-old twins named Max and Emme.

Sources tell EW the split will not effect their planned reality series Q’Viva — about finding the best Latin American muscial talent “from remote villages to major cities” — although the show has not yet been sold in the U.S.

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