(CNN) -- Billy Joel and his wife, Katie Lee Joel, are separating.



Billy Joel married Katie Lee in 2004.



"After nearly five years of marriage, Billy Joel and Katie Lee Joel have decided to separate," a joint statement on behalf of the pair said. "This decision is a result of much thoughtful consideration. Billy and Katie remain caring friends with admiration and respect for each other."



Billy Joel, 60, and Katie Lee Joel, 27, were married in 2004. Billy Joel is the multimillion-selling musician behind such albums as "The Stranger," "52nd Street" and "Storm Front." Katie Lee is a food critic and chef.



The marriage was the third for Billy Joel. His marriage to Elizabeth Weber ended in divorce in 1982 after nine years. He married his second wife, model Christie Brinkley, in 1985; they divorced in 1994.



Both Joels have retained attorneys, according to a report in the New York Daily News.



Billy Joel's publicist, Claire Mercuri, told the Daily News the singer was bearing up well.



"Billy's doing fine," Mercuri said. "He's looking forward to resuming his Face2Face Tour with Elton John."
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