Billy Joel Splits From Third Wife

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

See other newly single stars

Rumors of a rocky marriage have been surfacing lately.

See the ugliest celeb splits of all time

New York's Daily News reports that Lee, 27, was spotted dirty dancing with 36-year-old Israeli-born fashion designer Yigal Azrouel, who has frequently escorted her to events. The paper reports he has even referred to her as his "girlfriend." But a source tells Us affair rumors "had nothing to do" with the split.

See Hollywood's most expensive divorces

"Everything is very amicable and it was just a growing apart," the source adds.

Look back on the biggest splits from last year

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. Joel was previously wed to Christie Brinkley (1985-94) and business manager Elizabeth Weber (1973-82).

Sign up now for the Us Weekly newsletter to get breaking celebrity news, hot pics and more delivered straight to your inbox!

Want stories like these delivered straight to your phone? Download the Us Weekly iPhone app now!