Chad Lowe & Hilary Swank going through with divorce

Hilary Swank and husband Chad Lowe are divorcing, PEOPLE has learned exclusively.

"Hilary Swank and Chad Lowe have jointly decided to divorce," the couple's lawyer, Jeffrey A. Bernstein, tells PEOPLE. "They continue to be friends and have the utmost respect for one another."

The couple, who wed in 1997, announced in January that they were separating. "Hilary and Chad have decided to separate, but they are hopeful they'll be able to get through this tough time," Swank's rep, Troy Nankin, said in a statement at the time.

Indeed, Swank, 31, and Lowe, 38, appeared to be making efforts to save their union. At the Golden Globes in January, when interviewer Isaac Mizrahi asked a solo Swank about the single life, she responded, "I'm not single. We're trying to work our marriage out."

Then in February, the couple were spotted looking cozy over lunch at Malibu's Tra di Noi restaurant.

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