The actor, who plays Walford favourite Billy Mitchell, reached the mutual decision with his partner following "a series of heart-to-hearts", according to The Mirror.
In a statement, a spokesman for the couple confirmed: "Perry Fenwick and Angela Lonsdale have sadly separated after five years of marriage. They will not be making any further comment."
Sources suggested that the pair "just ran out of love" for each other and that there is no third party involved in the break-up.
An insider said: "They are determined to stay friends. It's sad but they are trying to stay positive and their families are rallying around."
Lonsdale is best known for playing Curly Watts's partner Emma on Coronation Street between 2000 and 2003. She has also appeared in The Bill and Doctors.