The Oscar-winner and his musician wife are said to be parting ways amicably but the divorce could cost Crowe upto $25 million, reported Daily Mail.
Crowe and Spencer first met 22 years ago while filming The Crossing, eventually marrying in April 2003. They raise two sons together -- eight-year-old Charles and six-year-old Tennyson.
has been confirmed about the split, but a representative for Spencer told a webiste that a statement will be released shortly.
The news came as a shock in showbusiness circles as the couple were regarded as having a strong marriage, despite the
demands of their respective careers.
Crowe is currently busy filming for his new movie Noah in the US. The 48-year-old was snapped on October 14 smiling broadly into a camera with his huge beard on display.
Photograph: Francois Durand/Getty Images