The former couple, who were married from 1992 until 1995, came together for a photo which Sheree shared on Instagram. The heartwarming snap saw them cuddle whilst the reality TV star held on to his Academy Award statue.
WATCH: Will Smith apologises to Academy after Chris Rock altercation
The 54-year-old captioned the shot: "Epic Night! Congratulations again - when 1 wins we all win! #family1st."
Both Will and Sheree are parents to their 29-year-old son Trey. The famous exes have remained on good terms while Sheree has a cordial relationship with the Hollywood star's second wife, Jada Pinkett Smith, and their two children, Jaden, 23, and Willow, 21.
Fans were quick to comment on the post, with one writing: "I'm glad all 3 of you have a great relationship [heart emoji]." Another said: "RIGHTTTTT Let’s remember the reason he was there to begin with." A third post read: "Will deserved that Oscar…leave it at that. Congrats."
The actor posed for a snap with his ex-wife Sheree
Despite Will's momentous Best Actor win for his role in King Richard, the night was somewhat marred after he slapped presenter Chris Rock during the ceremony. The comedian had made a joke about Jada's shaved head, referring to her as GI Jane.
Clearly upset, Will slapped Chris across the face. The 53-year-old star then sat back down, angrily shouting from his seat: "Keep my wife's name out your [expletive] mouth."
The academy has since condemned Will over the incident and announced a formal review. Hours later, the dad-of-three issued an apology on Instagram.
"Violence in all of its forms is poisonous and destructive," he began his statement. "My behavior at last night's Academy Awards was unacceptable and inexcusable. Jokes at my expense are a part of the job, but a joke about Jada's medical condition was too much for me to bear and I reacted emotionally."
Will took to the stage after Chris joked about Jada Pinket Smith's shaved head
Apologising to Chris, he continued: "I would like to publicly apologize to you, Chris. I was out of line and I was wrong. I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness."
He then apologised again to the Academy, saying: "I would also like to apologize to the Academy, the producers of the show, all the attendees and everyone watching around the world. I would like to apologize to the Williams Family and my King Richard Family. I deeply regret that my behavior has stained what has been an otherwise gorgeous journey for all of us. I am a work in progress. Sincerely, Will."
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