"This was an extremely difficult decision that as a woman and a mother, I have to accept as the best choice for our family," Frankel told Us Weekly. "We have love and respect for one another and will continue to amicably co-parent our daughter who is and will always remain our first priority. This is an immensely painful and heartbreaking time for us."
The couple have one daughter -- Bryn, 2.
Frankel is known for her work on TV's "Real Housewives of New York City," "Bethenny Getting Married" and "Bethenny Ever After."