The divorce between Nick Cannon and Mariah Carey has been years in the making, the couple first calling it quits back in May of 2014. A resolution has finally been reached though, TMZ reporting that the two have agreed to a settlement earlier this week.

According to the celebrity site, both Cannon and Carey had to declare their income for 2014, Cannon pulling in $2.7 million while Carey earned $6.3 million. The agreed to settlement will require Cannon to deposit $5,000 a month into a trust for twins he and Carey had during their marriage. The settlement also outlines that their neither Carey nor Cannon can permit their shared children to call a new significant other mom, dad or any version those titles.

Mariah and Nick share custody of the kids though the primarily live with their mother. When Nick visits, as outlined in the agreement, Carey must pay for travel and lodging. Carey as well has signed over the title to a 2012 Ferrari.

Cannon has been linked to a number of women since the break-up, most recent of which is TLC's Chili, who starred in Cannon's "If I Was Your Man" video earlier this month. There were rumors that Cannon was refusing to sign divorce papers, though those seem officially disproven with this recent development. Cannon officially filed for divorce from Carey in January of 2015, with the new year brining new beginnings for the two celebrities.

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