Swank's manager Troy Nankin has offered hope to fans of the couple, suggesting the separation might not lead to divorce, as neither party plans to file official papers.
In a statement, he says, "Hilary and Chad have decided to separate, but they are hopeful they'll be able to get through this tough time."
The couple reportedly split last year, but they've now made a permanent agreement to separate.
Swank and Lowe wed in 1997 after a whirlwind romance. They met and fell in love on the set of movie Quiet Days In Hollywood. The actress picked up her second Best Actress Oscar last spring for her portrayal of a boxer in Million Dollar Baby.
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