David Hasselhoff and Pamela Bach are officially divorced. Mel Goldsman, David’s attorney said that they were in a all-day, closed door meeting on December 14th and finally came to an agreement in regards to custody, finances and asset division.

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 disclosedGoldsman 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.