RadarOnline.com first reported the news Friday.
"Jane Seymour and James Keach confirm that they are separated and have been for several months," a representative for Seymour said.
"At this time, they are negotiating the terms of their divorce. They will continue their relationship as devoted parents to their children, as business associates and partners and in their joint dedication to preserving and furthering the charitable endeavors that they've worked on throughout their marriage."
The couple married in 1993 and have two children -- 17-year-old twins John and Kristopher.