UPDATE

10:45 AM PT: Pasquale just released a statement, which was reposted by Holly: "It is with love in our hearts and a deep respect for one another that Holly and I have amicably made the decision to separate. First and foremost, we are forever partners and parents to two beautiful children, and are fully committed to raising them in an environment filled with love and positivity."

He adds, "Holly is a talented woman and a beautiful soul. We remain the best of friends while co-parenting and continuing to support one another in our respective passions in life," and "Though it was not a decision we made hastily or take lightly, Holly and I welcome this next chapter in our relationship, and have every confidence that the future will bring only the best for us and our kids."

Holly Madison and her husband are calling it quits, and Pasquale Rotella beat his wife to the courthouse to not only file court documents, but has already served her with divorce papers.

According to court records obtained by The Blast, Rotella, an EDM festival promoter, filed for divorce on August 31 in Las Vegas. The couple's two children, Rainbow Aurora and Forest Leonardo, are named but it's currently unclear what type of custody Rotella is seeking.

Sources familiar with the situation tell us the couple had been going through a difficult time in the recent months, but it doesn't appear any one single incident triggered the split.

The record also shows that Madison was served with papers on September 19 and both parties were ordered not to transfer any property or money around during the divorce proceedings.

38-year-old Madison and 44-year-old Rotella were married at Disneyland in September 2013 after dating for two years. Former "The Girls Next Door" co-star Bridget Marquadt was a bridesmaid during the ceremony. Madison isn't the only Playboy star going through a breakup, Kendra Wilkinson is still dealing with her ongoing divorce with estranged husband Hank Baskett.

News of the couple's split was first reported by ET.