"Hilary and Chad have decided to separate, but they are hopeful they'll be able to get through this tough time," the statement read.

The twosome wed in 1997, after meeting at a Hollywood party in 1992. It was the first marriage for both.

After they tied the knot, Swank went on to win two Best Actress Oscars, for 1999's Boys Don't Cry and 2004's Million Dollar Baby.

During her tearful acceptance speech for Boys Don't Cry, she famously forgot to thank Lowe, who seemed to take the error in stride.

On the second time around, she remembered.

Swank is the third youngest actress to win two Academy Awards (behind Luise Rainer and Jodie Foster) and is one of only five actresses who can boast a perfect Oscar track record: two nominations, two wins. (Vivien Leigh, Helen Hayes, Sally Field and Rainer are the others.)

She next stars opposite Scarlett Johansson and Josh Hartnett in the thriller, The Black Dahlia, Brian De Palma's adaptation of James Ellroy's novel.

In contrast to his wife's blockbuster successes, Lowe has worked on less critically acclaimed fare over the years, such as 2000's made-for-TV movie Take Me Home: The John Denver Story, in which he played the titular character. (He does have a 1993 Emmy Award for his supporting role in ABC's Life Goes On series.)

One role he seemed to have mastered was that of proud and supportive partner, whether it entailed smiling his way through the aforementioned Oscar acceptance diss or offering up sound bite after sound bite about his admiration for his wife's talent.

After last year's Academy Awards, Lowe told People magazine he had advised Swank "to breathe it in and enjoy the moment. It is like when you get married: You wish it could last all night."

Unfortunately, this marriage's moment seems to have run its course.