The Victoria's Secret model and the NBA star, who tied the knot in a civil ceremony in Jackson Hole, Wyoming in 2009, plan to continue co-parenting their two daughters, Valentina, four, and 19-month-old Sienna, reports contactmusic.com.
In a joint statement to people.com Friday, the former couple said: "After long and careful consideration, we have decided to separate after five years of marriage.
"We are grateful to be the parents of two incredible young daughters that we will continue to co-parent. We would greatly appreciate your respect for our family's privacy as we begin this delicate next chapter for all members of our family."
The 32-year-old Brazilian beauty met the Serbian professional basketball player at a party in Los Angeles in 2006.