The couple announced their engagement in 2010. They are the parents of Raine Elizabeth, 12, and Jorja Bleu, 7.
"Although the couple have separated, they remain great friends and are committed to jointly raising their two daughters," Michaels' representative told People.com Monday.
The family was featured on the VH1 reality show "Bret Michaels: Life as I Know It."
Notable deaths of 2014 [PHOTOS]