A source tells PEOPLE the pair's decision to separate "has nothing to do with anything other than the fact that they’re on different journeys right now"
While the mutual decision was amicable, a source close to the pair tells PEOPLE that they are "devastated" and that the split is "very hard" for them.
"It was not a snap decision — they took a lot of time and consideration of everything, and they made this decision together," the source adds. "They are going on separate journeys, but they will always be a family. They’ll always be co-parents and best friends."
As their relationship begins a new chapter, Hugh, 54, and Deb, 67 — who share son Oscar, 23, and daughter Ava, 18 — there's no acrimony.
"This has nothing to do with anything other than the fact that they’re on different journeys right now," says the insider.
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Hugh and Deborra-lee shared the news that they are separating after 27 years of marriage in an exclusive statement to PEOPLE on Friday.
"We have been blessed to share almost 3 decades together as husband and wife in a wonderful, loving marriage,” they said. “Our journey now is shifting and we have decided to separate to pursue our individual growth."
The statement continued, "Our family has been and always will be our highest priority. We undertake this next chapter with gratitude, love, and kindness. We greatly appreciate your understanding in respecting our privacy as our family navigates this transition in all of our lives."
Hugh was spotted on a walk in New York City the day after their split announcement. The Deadpool 3 actor was not seen wearing his wedding ring.
After meeting on the set of the Australian TV series Correlli in 1995, they tied the knot less than a year later, on April 11, 1996.
Sparks flew between the costars early on, and as Hugh told PEOPLE in his 2008 Sexiest Man Alive cover story, "It was just undeniable. I started planning to propose to her at about three months."
On their 27th wedding anniversary this past April, the Greatest Showman star posted a loving nod to Deborra-lee and their bond on Instagram, sharing in part, "I love you so much. Together we have created a beautiful family. And life."
"Your laughter, your spirit, generosity, humor, cheekiness, courage and loyalty is an incredible gift to me," he added in the caption. "I love you with all my heart."
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Read the original article on People.