David Hasselhoff and Pamela Bach are officially divorced.

In an all-day, closed-door meeting Dec. 14, the pair hammered out a deal on custody, finances and asset division, his lawyer, Mel Goldsman, tells Usmagazine.com.

They will share 50/50 custody of daughters Taylor and Hayley. They also reached an agreement on spousal and child support, but terms were not disclosed

Goldsman said Hasselhoff is “very pleased with the outcome and pleased he can move on with his life.”

After being wed for 16 years, Hasselhoff filed for divorce in January 2006.

source: usmagazine.com