The decision to split by the 44-year-old star of "Missing" and the 39-year-old Indy 500 winner was first reported by People magazine today.
"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 said in a statement.
Judd and Franchitti wed in 2001 in Scotland after a nearly two-year engagement. In the years after, the two became one of the hottest celebrity couples on the IndyCar Racing circuit.
While the two have been married, Franchitti has won the Indianapolis 500 three times: in 2007, 2010 and 2012.
In addition to a decades-long acting career, Judd represented Tennessee as a delegate to the 2012 Democratic National Convention. Judd also told the Louisville Courier-Journal that she is mulling a campaign against U.S. Sen. Mitch McConnell, R-Ky., in 2014.