Mariah Carey and Nick Cannon Have Finally Settled Their Divorce

Mariah Carey and Nick Cannon divorce is settled. 

Although her messy separation from ex-fiancé James Packer is not over, the singer has reached a settlement with her ex-husband. According to TMZ, Carey will have to pay $2.7 million and Cannon is required to put $5,000 per month in a trust fund for their twin children, Monroe and Morrocan.

The website also revealed that the Grammy winner’s declared income for 2014 was $6.3 million while Cannon took home $2.7 million. The couple, who separated in August 2014 after six years of marriage, also agreed that neither will allow their kids to address future partners as “mom” or “dad.” Luckily for Cannon, he even gets their 2012 Ferrari.

Overwhelmed with Reading and Learning!!! #Cannons

A photo posted by LORD NCREDIBLE ALMIGHTY IkeT (@nickcannon) on

The pair will share custody of the children, but are going to stay primarily with their mother. However, if Cannon visits, Carey will pay for any of his travel and lodging expenses.

Meanwhile, Carey helped kick off the holidays at Disneyland with a performance of her Christmas hit, “All I Want for Christmas Is You.” Check out photos below!