Although the 72 year-old grandfather is very sad about his son's failed marriage, he remains "very proud" of what the couple have achieved.
The 41 year-old actress confirmed the news in a post called 'Conscious Uncoupling' on her lifestyle website, Goop, this past Tuesday (March 25th).
Although their ten year marriage is ending, they will remain close in order to care for their two children, daughter Apple, 9, and son Moses, 7.
So far Paltrow and Martin have kept quiet about their failed relationship, but the Coldplay frontman's father opened up to The Mirror about being devastated by the news, but does insist they are "still great mates."
"If you are married you know you have good days and bad days. We all have our ups and downs," he said. "It is sad because there are our two grandchildren. But it is all very amicable between them."
The 72 year-old also shrugged off a question regarding rumours of marital affairs being a major part of why they separated. "I don't know anything about that," he quickly said.
Martin Snr also laughed after he struggled to remember what the title of Paltrow's post was on her website.
"It's all in the statement - the expression that was used - conscious.," he said. "I am very proud of what they have achieved in their lives."
The celebrity couple's joint statement read: "It is with hearts full of sadness that we have decided to separate." We have been working hard for well over a year, some of it together, some of it separated, to see what might have been possible between us," the statement reads. "And we have come to the conclusion that while we love each other very much we will remain separate."
"We are, however, and always will be a family, and in many ways we are closer than we have ever been," Martin's and Paltrow's post continues. "We are parents first and foremost, to two incredibly wonderful children and we ask for their and our space and privacy to be respected at this difficult time."
"We have always conducted our relationship privately," the pair conclude, "and we hope that as we consciously uncouple and co-parent, we will be able to continue in the same manner."
The pair first met backstage at one of Coldplay's concerts back in 2002, and married a year later in a secret Southern California ceremony.
Paltrow is still "great mates" with Martin