People reports that the glam couple called it quits after ""after months of nonstop arguing."

"Marc and Jennifer decided it's best to go their separate ways for the sake of their two kids," the spy said.

The couple, who've been married for seven years, announced their breakup on Friday. The two had quickly hooked up after Lopez's relationship with Ben Affleck ended in January, 2004. (That makes Marc the rebound catch.) The couple have 3-year-old twins Max and Emme.

Though divorce is on the horizon, so is the couple's new reality show, Q'Viva!, rumored to be a Latin talent search. The two say they remain committed to the show.

At a concert last weekend in Bogotá, Columbia, Anthony told the crowd: "Rumor has it I'm single now. That's why I want to dedicate the next to song to you." He then sang No Hay Nadie Como Ella which means None Like Her.