The couple have two children together--Flynn, seven and Aurelius Cy, two.
A joint statement from the pair reads, "Whilst remaining the greatest of friends, we have decided to spend some time apart to consider our future.
"We have had, and in many ways continue to have, a wonderful relationship, which has produced two beautiful children. In consideration of our sons' welfare, our priority lies with our responsibilities as parents. There is no third party involved. We would therefore appreciate some privacy at this time."
The news has come has a huge shock--Macpherson, 41 and Busson, 42, were thought to have one of the most secure relationships in showbiz.
Just last month Busson said, "Nothing makes me happier than being on the beach with Elle and my two kids."
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