Will Smith and Jada Pinkett Smith (Getty Images)

Update: Smith and Pinkett have issued a statement denying the rumors of their separation, saying, "Although we are reluctant to respond to these types of press reports, the rumors circulating about our relationship are completely false. We are still together, and our marriage is intact."

The Internet is abuzz with the rumor that Will Smith and Jada Pinkett Smith have decided to separate after 13 years of marriage. In Touch Weekly is reporting today that an "insider" shared news of the split.

The couple have two children, Jaden and Willow, who have become stars in their own right. Jada is stepmother to Will's son, Trey, from a previous marriage.

With their enthusiasm for candidly discussing their views on marriage, parenting and success, the Smiths have become one of Hollywood's favorite — and seemingly picture-perfect — families. During this year's BET Awards, they got the "Biggest Tearjerker" vote when the little ones thanked their parents in an acceptance speech for their shared Young Stars Award (with Willow wearing a Fresh Prince T-shirt in a nod to her dad's first TV gig).

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In 2008, Will said in an interview with Ellen Degeneres, "What I found is divorce just can't be an option. It's really that simple. And I think that's the problem with L.A. — there are so many options. So a huge part of the success for [Jada] and I is that we just removed the other options."

But for those of us who have a hard time digesting the possible sad news (and for the many on Twitter and Facebook who are reacting as if their own parents have announced a divorce, with many even declaring that they've lost faith in marriage), it might not be time to mourn just yet.

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When contacted about the story by TMZ, Pinkett's rep reportedly said, "What? In Touch said that? I know nothing about this 
 Lord. I'm going back to bed." And RadarOnline.com is reporting that a family member denied the news, saying, "They're happy and married still."

Read more at the Huffington Post and In Touch Weekly.

In other news: Nick Ashford Dead at 69.