Sources say George and Ann have been working out details of the split "for a long time," but they've both made the decision to end the marriage.
The couple has been married for 17 years. They have a 14-year-old daughter, and we're told they both want to keep the divorce amicable for the sake of their kid.
UPDATE: A rep for George and Ann tells TMZ, "George and Ann Lopez have made the decision to end their 17 year marriage. The decision is amicable and by mutual agreement. They remain dedicated parents, and committed partners in business and their philanthropic organization, The Lopez Foundation."