Reese Witherspoon and Jim Toth Will Reportedly Share Custody of Their Son After Divorce

Reese Witherspoon and Jim Toth have reportedly settled their divorce. The two called it quits on March 24 after nearly 12 years of marriage. On Aug. 3, People reported that a final divorce decree was submitted in the Circuit Court of Davidson County, TN, the day prior. Per court documents obtained by TMZ, the former couple signed a marital dissolution agreement and agreed to a parenting plan for their 10-year-old son Tennessee.

According to documents obtained by Us Weekly, Witherspoon and Toth's settlement includes equal shared custody of Tennessee and splitting his expenses 50-50. They also reportedly agreed to not pay child or spousal support, because the two earn more than $100,000 annually. Reps for Witherspoon did not respond to POPSUGAR's request for comment, and Toth's reps could not be reached.

Two days before their 12th wedding anniversary, Witherspoon and Toth announced their separation in a joint statement on the 47-year-old actor's Instagram, which has since been deleted. "We have some personal news to share... It is with a great deal of care and consideration that we have made the difficult decision to divorce," the statement read. "We have enjoyed so many wonderful years together and are moving forward with deep love, kindness and mutual respect for everything we have created together."

"Our biggest priority is our son and our entire family as we navigate this next chapter," it continued. "These matters are never easy and are extremely personal. We truly appreciate everyone's respect for our family's privacy at this time."

A source previously told People that Witherspoon and Toth, 53, "really are the best of friends and this is such an amicable decision. They are so committed to co-parenting together. They are invested in their whole family and making this as smooth as possible for everyone."

Witherspoon and Toth first crossed paths at a party in January 2010. Not long after, the pair began dating, and they tied the knot on March 26, 2011. They have one child together, Tennessee, who joins Witherspoon's two kids with ex-husband Ryan Phillippe, 23-year-old daughter Ava and 19-year-old son Deacon.