They released a statement that read as follows:
"We have agreed to a trial separation that dates back for some time. The reason for this separation is to better understand ourselves and the qualities we need in a partner and for our marriage. We remain best friends and responsible parents to our daughter and we still love each other deeply. As we go through this process, we are determined to use kindness and understanding to get through this together. We are comfortable with the boundaries that we have established for each other during this separation and we hope that our friends, family, fans and the media also show us respect, dignity, understanding and love at this time as well."
Cox and Arquette met on the set of 'Scream' in 1994; both will appear in the upcoming sequel, 'Scream 4.' The two have a 6-year-old daughter, Coco.
Rumors abounded that the couple was having marital problems after Arquette was photographed without his wedding ring in September; Cox had also revealed publicly that they were attending couples therapy.
Now TMZ is reporting that there's another woman in the picture: Jasmine Waltz, a bartender/actress whom Arquette is apparently seeing. Waltz's previous claim to fame was for punching Lindsay Lohan on her birthday. According to Life & Style, Waltz is a "serial Hollywood dater" who has also been linked to Ryan Seacrest and Jesse McCartney.
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