Ryan Phillippe and Reese Witherspoon are officially kaput.

The onetime Hollywood It couple’s divorce was finalized Thursday after the two settled their outstanding monetary issues, Extra reports.

Reese filed for divorce in October 2006, citing irreconcilable differences, thus, ending the couple’s seven-year marriage. A preliminary divorce status was granted to them in October.

They share custody of their children, Ava, 8, and Deacon, 4.

Since then, each have moved on to new relationships. Reese has been dating her Rendition co-star Jake Gyllenhaal while Ryan has paired up with Aussie actress and Stop-Loss love interest Abbie Cornish.

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WENN

Two months after admitting it was bizarre seeing ex-wife Reese Witherspoon with Jake Gyllenhaal, Ryan Phillippe is quietly moving things forward in his own love life.

After months of speculation about their relationship, he proudly accompanied his Stop-Loss costar Abbie Cornish to the 2008 Australian in Film Breakthrough Awards – their first major event as a couple.

“They were adorable,” says a guest. “He had his arm around her and they were cozy and comfortable.”

When Cornish – who was being honored with a Breakthrough Award – was introduced, Phillippe rubbed her back while she leaned against his shoulder. Throughout the evening, they held hands.

Phillippe, 33, also let Cornish enjoy her moment in the spotlight, waiting patiently as she worked the room and posed for photos. Once she was at his side once again, they continued to share laughs with pals.

The secret to Cornish’s appeal? “We needed a girl who could knock back and drink the guys under the table, change a blown tire, whatever she needs to do,” their Stop-Loss director, Kimberly Pierce, tells PEOPLE. “And she has that. She’s that kind of girl.”

A second Breakthrough Award went to actress Mia Wasikowska for her work in the HBO series In Treatment.

Phillippe and Cornish left the party just before 10 p.m., heading to Hennessy’s weekly jazz night at Teddy’s.

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Splash

Ryan Phillippe has been pulled over by police in California for speeding with his two young children in the car.

The Flags Of Our Fathers star was driving in Santa Monica with his kids from his marriage to Reese Witherspoon, Ava, seven, and Deacon, four, when he was stopped by an officer on Friday.

It’s believed the actor allegedly ignored a stop sign and was speeding.

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WENN

Ryan Phillippe says this about the war in Iraq:

“I can’t wait for (this war) to be over, and our troops to be home. We’re occupying territory we don’t belong in. We’re there under grounds that were not truthful or warranted.”

Agreed! We have no business there and should never have gone there in the first place.

(Editor’s Note: This is not Jocelyn, and may or may not reflect her political views)

WENN

Ryan Phillippe is finally ready to move on after splitting with Reese Witherspoon two years ago, with the help of a new tattoo.

He officially divorced Reese last October, but has struggled since to find focus in his life over the past two years, but he’s suddenly become filled with renewed hope and ambition.

He’s had a tattoo of a phoenix inked into his skin to symbolize his rebirth on the planet Earth.

He says, “I think because I’ve arrived at a place in my life that it makes sense. I have a focus, and my goals are clearer to me now.”

WENN

He knew it was coming, but that doesn’t make it any easier for Ryan Phillippe to see ex-wife Reese Withersoon with her new man.

“It’s bizarre,” the actor told USA Today, adding that he avoids looking at photos of Witherspoon and boyfriend Jake Gyllenhaal.

“There’s plenty of times when I say, ‘What a strange situation I’ve found myself in,’ ” he said. “But at a certain point you know it’s going to happen, so you are prepared.”

Phillippe, 33, split from Witherspoon – the mother of his two children, Ava, 8, and Deacon, 4 – in October 2006. The actress’s new romance first made headlines last March, when she and the Brokeback Mountain star were spotted dining at L.A.’s Il Sole.

As for Phillippe’s own love life, the actor – who’s been linked to actress Abbie Cornish – remained reticent. “It’s just something I would really rather not address,” he told the paper. “It has to be a ‘no comment.’ ”

He also insists that despite a painful divorce, he isn’t ruling out a second marriage.

“I can see doing it again, yeah,” he said. “And I can certainly see possibly having children again. I’m pretty young, and there are many beautiful things about that idea of marriage and family. It just doesn’t always work out perfect for everybody.”

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