REPORTWill Smith and Jada Pinkett Smith are Headed for Divorce

After 17 years of marriage, Will Smith and Jada Pinkett Smith may be calling it quits for good.

According to Radar Online, the 46-year-old actor and his wife, 43, are headed for a $240 million divorce.

“For Will and Jada, holding it together these past few years has been tough because their marriage has been on life support for a long time,” an insider told the entertainment news outlet.

Will and Jada in March 2015.

“They’re exhausted from trying to maintain the façade of a happy union. They’ve decided to pull the plug in a carefully choreographed manner, [and] agree announcing their split at the end of the summer is the right move,” the source continued.

RELATED: Jada Pinkett Smith Doesn’t Want Her Kids to Get Married as Young as She Did

The A-list couple met in 1994 on the set of the actor’s sitcom, The Fresh Prince of Bel-Air, and started dating a year later – they married in December 1997 in Baltimore. Will and Jada are parents to two kids, son Jaden Smith, 17, and daughter Willow Smith, 14. Will is also a father to a son, Trey Smith, 22, from his first marriage to Sheree Zampino.

Will and Jada with kids Jaden, Willow and Trey in May 2013.

The pair have already “worked out a confidential settlement to protect their $240 million fortune, and prepare their kids for the fallout. They tried to fix things with therapy, [but] it’s not happening,” the insider added of their plans to split.

“They’re already moving on with their lives. All that’s left is the inking of the divorce papers,” another source added.