The couple, who share two adult children, Larry Jr. and Victoria, had been married for nearly three decades before parting ways.
"After 28 years of marriage, we have decided to legally separate," read the statement. "We will always love each other and our two wonderful children. We are united in supporting each other and our family. Please respect our privacy during this time."
Larry and Theresa first met when the medium started working at his family's oil company as a part-time customer service representative. Although he was 11 years her senior, the pair hit it off so well that they tied the knot just two years later.
There were a few bumps at first, but Larry stood by Theresa's side as she dealt with severe anxiety attacks brought on by her rare ability to communicate with the dead. He knew that there was "something off about her," but he stuck around.
"I just cared for her enough that I wasn’t going to let that affect us,” he previously told People. "I wasn’t going to break up with her because she has this issue. I felt like I was her anchor in those moments. It was a pattern and it wouldn’t last long, I knew that, so it just a matter of getting through whatever amount of time it took her to go through that anxiety attack."
Their bond only got stronger over the years, and the pair even renewed their vows on the show. Larry delivered a heartfelt speech that reiterated his love for Theresa, and made us all sob along with him.
Little did anyone know that just a few years later, they would part ways.
Sources close to the couple told TMZ that there may be room for reconciliation because they very much still love each other. However, right now, they just need some time apart right now to figure things out.
We really hope that the source is right, and Larry and Theresa can one day get back together.