Billy Joel and Katie Lee Joel

Billy Joel and his wife Katie Lee are splitting up.

"After nearly five years of marriage, Billy and Katie have decided to separate," reps for the couple told the Daily News in a statement. "This decision is the result of much thought and consideration. Billy and Katie remain caring friends, with admiration and respect for each other."

Lee, 27, is a chef and author. She's the third wife of the 60-year-old music icon.  He was previously married to Elizabeth Weber from 1973-1984 and to Christie Brinkley from 1985-1994. He and Brinkley have a daughter together.