Victoria’s Secret supermodel Adriana Lima and former NBA player Marco Jaric announced their split after five years of marriage, PEOPLE has exclusively learned.

Lima and Jaric married in 2009, three years after meeting at a party in Los Angeles. The have two daughters together, Valentina aged 4, and Sienna who is 19 months.

“After long and careful consideration, we have decided to separate after five years of marriage. We are grateful to be the parents of two incredible young daughters that we will continue to co-parent,” Lima and Jaric said in a joint statement to PEOPLE.

“We would greatly appreciate your respect for our family’s privacy as we begin this delicate next chapter for all members of our family.”

Lima was most recently featured on the cover of Vogue Turkey. She started modeling in the late 90s and has been a Victoria’s Secret Angel since 2000. According to Models.com, she is obsessed with Brazilian soap operas.