Scooter Braun and Yael Cohen Braun are "going to take some time apart".
The couple - who recently celebrated seven years of marriage - are reportedly "separating" with "no immediate plans to divorce", but the 40-year-old record executive is set to move out of their home.
An insider told E! News: "They have split. They are still living together now but they are going to take some time apart and Scooter will be moving out soon.
"Though they are separating, they have no immediate plans to divorce. Things are very amicable between them; they are very close.
"The kids are the most important thing to them and that's their real priority here."
The music manager - who works with the likes of Ariana Grande and Justin Bieber - has been married to the businesswoman, with whom he has Jagger, six, Levi, four, and Hart, two, since 2014.
It's said they "still love each other", and they are making sure to focus on their children.
The source added: "They still love each other. They were out together in Montecito [in California] with the kids and family last week and are still operating as a family.
"There are no other parties or interest in dating anyone new; they are focused on their family."
Just last year, Yael dished on the secret to their lasting love, which she explained came from being able to support each other in "whatever way" they need it, including backing off and giving space where appropriate.
She said: "Whether that is time together to figure it out or it's giving each other space to know the processing, giving each other grace when life is low.
"Sometimes things are going to have more attention and sometimes things are going to have less attention, but knowing that we signed up for better or for worse and giving each other what we need in that moment.
"I look at everything through the lens of 20 years down the road. Am I going to look back and be proud of how we responded to something, how we dealt with something, how we figured it out? I always want the answer to be yes."