Richard Gere and his wife of 11 years, Carey Lowell, who haven’t been photographed together since a Hamptons screening of his Wall Street thriller “Arbitrage” last year, have separated and are planning to file for divorce, according to the New York Post’s Page Six.

Gere, 64, and model/actress Lowell, 52, have “been spending time apart for quite some time.” said one source close to the couple. The source added that it’s unclear when the couple will file for divorce.

The couple, married for 11 years, have been living apart for some time, with Gere staying at their property in Bedford, N.Y., and Lowell, at their historic mansion in North Haven, N.Y.

Another source added that the two have drifted into different lifestyles as the Buddhist actor craves privacy and Lowell, a former Bond girl, likes socializing with other bigwigs. “They have a place in Bedford [NY], and he likes it because it’s quiet and he likes the solitude. She likes being in North Haven in the limelight.”

The insider added, “They live next door to Jimmy Buffett and his family, and they’re good friends.”

Gere and Lowell have a son, Homer. A friend of the couple tells People, “They’ll do everything possible to keep things amicable and put their child first.”

According to Hello!, after their marriage in 2002, Gere stated that “We are adults who have been through marriage before and do not take it lightly. I felt married from the moment I met her, to tell the truth.”

Richard Gere was named PEOPLE’s Sexiest Man Alive in 1999. He was previously married to supermodel Cindy Crawford. Lowell has two previous marriages. She was married to fashion photographer John Stember and to actor-director Griffin Dunne, with whom she has a 23-year-old daughter, Hannah.

Image via wikipedia commons