"Sadly our family is separating legally, although we do not feel this takes away from us being a family. Divorce might make one feel like a failure, but eventually you start to find grace in the idea that life goes on," they said. "Our children are our universe, and we look forward to living the rest of our lives with them as the first priority."
Barrymore and Kopelman, an art consultant, have two daughters, 3-year-old Olive and 1-year-old Frankie. A source told People that the couple is looking into living arrangements for the children and will most likely remain in New York, where Olive attends pre-school for the time being.
This will be the third divorce for Barrymore, 41, who was previously married to bar owner Jeremy Thomas and Tom Green.
WATCH: Drew Barrymore and Will Kopelman release joint statement on their divorce