Billy Joel and Katie Lee Joel have split.

"After nearly five years of marriage Billy Joel & Katie Lee Joel have decided to separate," a rep for the couple tells Usmagazine.com.

"This decision is a result of much thoughtful consideration. Billy & Katie remain caring friends with admiration and respect for each other."

Joel was 55 years old when he wed Katie Lee, then 23, at his 15-acre waterfront Center Island estate in Long Island, N.Y., in 2004.