The Pretty Woman actor and his former Bond girl wife, who have been married for 11 years, have been "spending time apart for quite some time."
Richard, 64, and Carey, 52, were last photographed together at the Golden Globes in January.
It is believed that the couple decided to split due to their different interests, the New York Post revealed.
While Buddhist Richard craves a peaceful lifestyle away from the cameras, his wife prefers to be in the spotlight
"They have a place in Bedford [NY], and he likes it because it’s quiet and he likes the solitude," an insider told the publication. "She likes being in North Haven in the limelight. They live next door to Jimmy Buffett and his family, and they’re good friends."
The pair have a 13-year-old son Homer together and were together for seven years before they said 'I do'.
A source said that it's not clear when the couple will file for divorce.
Richard was previously married to supermodel Cindy Crawford while Licence To Kill actress Carey has been married to photographer John Stember and actor Griffin Dunne.
"We are adults who have been through marriage before and do not take it lightly," Richard said after he and Carey tied the knot. "I felt married from the moment I met her, to tell the truth.
"But to take that extra step is the biggest stride imaginable. I have no problems with this one at all."