The couple have filed for divorce in Los Angeles Superior Court. Their publicists, Ame Van Iden and Chuck James, confirmed the split Monday.
"The decision is mutual," they said in a joint statement without further comment.
Applegate, 34, played ditsy daughter Kelly Bundy on TV's "Married ... With Children" and earned a Tony nomination for her role in "Sweet Charity" on Broadway.
Schaech, 36, starred in 1996's "That Thing You Do!"