PEOPLE has confirmed that the couple is separating after nine years of marriage. Through the marriage they had two their daughter Ruby Sweetheart Maguire was born on November 10, 2006. Ruby's middle name comes from a childhood nickname of Meyer's given to her by her grandmother, who died a few months before Ruby's birth. Their second child, son Otis Tobias Maguire, was born on May 8, 2009.

Maguire and Meyer said in a joint statement that after much soul searching and consideration we have made the decision to separate as a couple. "As devoted parents, our first priority remains raising our children together with enduring love, respect and friendship," they added.

The 41 year-old Maguire met his wife Meyer early in 2003 when he was shooting Seabiscuit at Universal Studios and became engaged in April 2006. They were married four years later in Kona, Hawaii with a small group of family and friends.

"Let's just say this is truly the best time of my life. I'm walking on air. I'm getting married, starting a family and have an amazing company," said Meyer to USA Today at that time.

Maguire, who has admitted to having a rocky childhood spending his time moving from town to town, living with each parent and other family members, revealed that settling down and finding stability were big priorities in his life.

Maguire recalled his childhood when he entertained the idea of becoming a chef and to that end wanted to enroll in a home economics class as a sixth grader. His mother offered him $100 to take a drama class instead, and Tobey agreed.

"Growing up the way I did, I had a very serious ambition to make some money, to have some security and comfort in my life," he told Parade magazine in 2007.