Tom Cruise and Katie Holmes to divorce

Hollywood power couple Tom Cruise and Katie Holmes have decided to separate after five years of marriage

News just in: After five years of marriage, Hollywood power couple Tom Cruise and Katie Holmes are set to divorce.

It's understood that Katie Holmes, who married the American actor after a whirlwind romance, filed the divorce papers.

A representative for the actress released a statement saying: 'This is a personal and private matter for Katie and her family. Katie's primary concern remains, as it always has been, her daughter's best interest.'

PICS: TOM CRUISE & KATIE HOLMES' BEST MOMENTS

Tom Cruise's representative, meanwhile, said: 'Katie has filed for divorce and Tom is deeply saddened and is concentrating on his three children.'

According to sources in Hollywood, Katie has cited 'irreconcilable differences' for the split in the divorce filing and is seeking 'primary residential custody' of six-year-old daughter Suri.

The couple married in a lavish ceremony in a castle in Italy in 2006 with daughter Suri born a few months beforehand. The nuptials followed Tom's cringe-worthy appearance on Oprah Winfrey's TV show where he infamously jumped up and down on a sofa declaring his love for Katie. This will be the third time that Tom Cruise has divorced.

Watch Katie Holmes and Tom Cruise in happier times below...

PICS: TOM CRUISE & KATIE HOLMES' BEST MOMENTS