Judd, 44, and Franchitti, 39, told People on Tuesday, "We have mutually decided to end our marriage. We'll always be family and continue to cherish our relationship based on the special love, integrity, and respect we have always enjoyed."
The couple married in a private ceremony in Scotland back in 2001, after a two-year engagement. The best man was Franchitti's brother Mario, while the maid of honor was Ashley's sister, Wynonna. Judd and Franchitti have no children together.
Judd has recently announced she is considering running for the Kentucky Senate.
"I am incredibly honored and frankly overwhelmed by the outpouring of support — that the people of Kentucky are interested in having me represent them is the greatest honor of my life so far, and I am certainly taking a close look at it," Judd said at The Kentucky Society of Washington's Bluegrass Ball in Washington, D.C., last week.
Is her possible future in politics what caused the relationship to fizzle?