The pair "have mutually decided [upon] an amicable separation," a spokesperson for Lizzie McGuire actress Hilary confirmed on Friday.
"They remain best friends and will continue to be in each other's lives," her publicist told PEOPLE magazine. "They are dedicated to loving and parenting their amazing son, and ask for privacy at this time."
If photographs of their stroll through a Beverley Hills park on Tuesday are anything to go by, the split truly is an amicable one. They were all smiles as they walked through the park with Mike presenting Hilary with a giant fallen leaf in a friendly gesture.
The former couple, who have a 21-month-old son Luca Cruz, are said to have drifted apart.
"There was no major incident – no big event between the two of them. They really did drift apart," a source told the magazine.
"They have put effort and thought into this decision for a long time. They tried couples therapy, but in the end, they realized at this time, they work better as friends. And they really are great friends."
The source added that the former Disney star and her former ice hockey player partner plan to co-parent their toddler son.
Hilary, 26, and Mike, 33, wed in a fairytale ceremony in Santa Barbara in August 2010.
The couple began dating in 2007 after they met on a ski trip with friends to Idaho.