"After long and careful consideration, we have decided to separate after five years of marriage," the now-former couple said in a statement.
"We are grateful to be the parents of two incredible young daughters that we will continue to co-parent," they said. "We would greatly appreciate your respect for our family's privacy as we begin this delicate next chapter for all members of our family."
Lima, 32, and Jaric, 35, got engaged in 2008 and tied the knot on Valentine's Day in 2009 in Jackson Hole, Wyoming.
Rumors of discord in the marriage had swirled in recent weeks after they both stopped following each other on social media sites.