The decision comes less than one month after Barrymore filed divorce papers.
Barrymore, 41, and Kopelman, 39, started dating in 2011 after years of friendship, and tied the knot in 2012.
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“Sadly our family is separating legally, although we do not feel this takes away from us being a family,” the two told PEOPLE in a statement. “Divorce might make one feel like a failure, but eventually you start to find grace in the idea that life goes on.”
“Our children are our universe, and we look forward to living the rest of our lives with them as the first priority.”