The first couple of the "Golden" reality series made their announcement Friday on "Good Morning America."
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Gerry Turner and Theresa Nist married on live television just three months ago on January 4.
They said they were nervous about how fans would take the news.
"We've had a number of heart-to-heart conversations and we've looked carefully at our situation, our living situation, and so forth, and we've kind of come to the conclusion mutually that it's probably time for us to dissolve our marriage," Gerry said.
The couple struggled with responsibilities to their grown children and grandchildren.
"It's been how dedicated both of us are to our families," Gerry said. "We feel like it's best for the happiness of both of us to live apart."
They had planned to move to South Carolina together, but it never came to fruition.
"So that was the plan. We looked at homes in South Carolina, we considered homes in New Jersey, and we just looked at home after home and we never got to the point where we made that decision," Theresa said.
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Throughout the interview, ABC News' Juju Chang noticed they continued to hold hands.
"Did you fall out of love?" she asked.
"No, no. I still love this person," Gerry said. "There's no doubt in my mind. I still am in love with her, I root for her every day."
Theresa agreed.
They hope their divorce doesn't take hope away from other seniors looking for love.
Theresa said that none of the tabloid stories came into play in their decision to divorce.
The former couple said that they are 70 and 72 and they didn't want to waste their time pretending to stay married.
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Theresa will have to give the ring back to Neil Lane. "Sad to say, I think that's how it works," she said.
"But we don't have to give the memories back," Gerry said.
The divorce shouldn't take too long to finalize as they did have a pre-nuptial agreement.
They plan to continue to look for love with other people but say they plan to stay best friends. They were both previously wed to their high school sweethearts, each of whom passed away after more than 40 years of marriage.
As for advice for the upcoming, yet-to-be-announced "Golden Bachelorette," Theresa said, "Be authentic and be yourself."
More of Juju Chang's interview with Gerry and Theresa will air on "Nightline" Friday night.