UPDATE #2: Courteney and David have confirmed their separation and released the following statement:
"We have agreed to a trial separation that dates back for some time. The reason for this separation is to better understand ourselves and the qualities we need in a partner and for our marriage. We remain best friends and responsible parents to our daughter and we still love each other deeply. As we go through this process, we are determined to use kindness and understanding to get through this together. We are comfortable with the boundaries that we have established for each other during this separation and we hope that our friends, family, fans and the media also show us respect, dignity, understanding and love at this time as well."
Life & Style reports that David has been seeing 28-year-old waitress/actress Jasmine Waltz--photo and info here.
UPDATE: Sources tell TMZ that the story of the couple's separation has broken several months in because photos recently surfaced of David with a new woman.
David was snapped without his wedding ring on September 25.
PREVIOUSLY: TMZ is reporting that Courteney Cox and David Arquette have broken up and have been separated for several months. The couple wed in 1999 and they have a six-year-old daughter, Coco.
In Touch Weekly is also reporting the split.
Late last year, Courteney's show 'Cougar Town' suspended production so that she could attend to a mysterious "family matter" she never identified. This past June, David told People that there was nothing wrong with his marriage, describing it as "a really great, beautiful relationship."
Courteney and Coco were snapped dining at Nobu in Malibu a week ago.