Chris Harrison is becoming a bachelor again.

The Bachelor host and his wife Gwen have confirmed they have decided to end their marriage of 18 years and separate "after much heartfelt consideration," People reported Thursday.

"Though we have made this incredibly difficult decision to separate, our love and mutual respect remain, and we look forward to sharing in the lives of our wonderful children," the couple told People in a joint statement.

Harrison and his wife, who were college sweethearts, have two children together: 9-year-old son Joshua and 7-year-old daughter Taylor.

The couple confirmed their split after In Touch Weekly reported they "have been broken up for a while, and most of their close friends know" earlier on Thursday.

"They are still really close and remain the best of friends," a source told In Touch.

"They've been taking turns with their kids so they can both see them as much as possible. It has been really amicable, with no other parties involved, and Chris has been a total professional while filming The Bachelorette."

ABC will premiere the eighth season of The Bachelorette, starring former The Bachelor winner Emily Maynard on Monday, May 14.