Naomi Watts and Liev Schreiber end their 11-year relationship 'with great love, respect and friendship'

Naomi Watts and Liev Schreiber have ended their 11-year relationship. The actors confirmed in a joint statement to People that they made the decision for the good of their family.

"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," they revealed. "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 While we appreciate your curiosity and support, we ask the press to be mindful of our children and respect their right to privacy."

Liev Schreiber and Naomi Watts attended the InStyle party at TIFF 2016

The couple, who first crossed paths at the Met Gala in 2005, shares two sons - 8-year-old Alexander Pete Schreiber and Samuel Kai Schreiber, 7.

Naomi and Liev recently made the rounds at the Toronto International Film Festival, where they were promoting their new joint effort, The Bleeder. In the biographical drama, the actor, 48, plays real-life boxer Chuck Wepner, while the 47-year-old actress tackles the role of his third wife. The film garnered acclaim while the longtime couple happily made the rounds at TIFF to promote it.

Though they've been together for more than a decade, Liev and Naomi never married. In 2009, she told Parade magazine why they hadn't tied the knot. "My mother married twice and had two divorces. And Liev comes from the same kind of background. Maybe one day we’ll just wake up and go, 'Hey, let’s do this.' And maybe not."

HELLO! Canada magazine is available for your tablet and smartphone. Get HELLO! Canada, PEOPLE, Vanity Fair and over 100 more of the world’s best magazines for one low monthly price at Texture by Next Issue. CLICK HERE to sign up for a free trial.