The couple released a statement yesterday to the magazine exclusively announcing the split.
"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," they said in the statement.
Immediately after People Magazine posted a tweet that the couple were splitting, Judd followed suit with brief tweet of her own: "Family forever @dariofranchitti," Judd tweeted.
The couple has been married for married for over nearly 12 years after tying the knot in a private ceremony in Scotland in 2001.
Ashley Judd, 44, co-starred in the 1997 movie "Kiss the Girls" with Morgan Freeman and "High Crimes" in 2002.
Her younger husband, Franchitti, 39, won the 2007 IndyCar Championship. He then spent a year racing on the NASCAR circuit before returning to win the championship three times over the next three years.
The racing star also won the Indianapolis 500 in 2007, 2010 and again this past year.