This could get expensive.
The head of $20 billion Appaloosa Management has a personal worth estimated at $10 billion and made a reported $3.5 billion in 2013 alone, setting up what could be a very costly proceeding.
"They have separated and are telling friends the marriage has run its course. They hope to settle things quickly, quietly and amicably," a source told the Post.
A source contacted by CNBC.com declined to confirm or deny the report.
In addition to massive personal wealth, the Teppers are known for their extensive philanthropy. Marlene Tepper is a member of the board of overseers at Rutgers University, where the couple donated $3.4 million to the Mason Gross School of the Arts, a gift that stipulated a $3 million endowed faculty chair. A decade ago, the Teppers donated $55 million to his alma mater, Carnegie Mellon, which was the largest gift ever to the school.
The two live in Livingston, N.J., and own a mansion in the Hamptons. They have three grown children.
To read the full report, go here.