EXCLUSIVE: Liev Schreiber and Naomi Watts separating after 11 years Together

Liev Schreiber and Naomi Watts have called it quits, ET can exclusively confirm.

"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 told ET in a joint statement. "While we appreciate your curiosity and support, we ask the press to be mindful of our children and respect their right to privacy."

PHOTOS: Naomi and Liev in happier times

Though never married, the couple had been together since 2005.

WATCH: Super Proud Papa Liev Schreiber Brings Son Sasha to the Emmys

Schreiber and Watts have two children together -- 9-year-old Alexander "Sasha," and 7-year-old Samuel.

Earlier this month, Schreiber brought Sasha with him to the 2016 Emmys.

PHOTOS: Naomi Watts through the years