02/28/2012 06:45 pm ET Updated Aug 07, 2013

Kelsey Grammer, Camille Grammer Custody Settlement Reached: Report

Kelsey and Camille Grammer's custody battle is officially over.

According to TMZ, the former couple will share joint custody of their two kids, 10-year-old Mason and 7-year-old Jude.

Camille and Kelsey's divorce has been in the spotlight since they first announced their split in July 2010. Camille, who stars on Bravo's "Real Housewives of Beverly Hills," made it known on the reality show that she "begged" her ex to stay.

"I was reduced to basically nothing. I'm crying and begging him, please just reconsider...It was a very difficult decision for me to make to file for divorce ultimately but I had no other choice. He was already gone," she said on last year's season finale.

Merely weeks after their split was finalized in February 2011, Kelsey married former flight attendant Kayte Walsh, 27 years his junior. Walsh and Grammer confirmed in January 2012 that they are expecting twins.

TMZ reports that the Grammers have not yet reached a financial agreement, but that a settlement is imminent.

Because they have no prenup, Camille may be entitled to half of Kelsey's earnings during their 13-year marriage. She reportedly asked for $50 million in the divorce settlement, claiming their community assets total $120 million.