Kim Kardashian and Kanye West have finally finalized their divorce after agreeing on child custody and property.

Divorce documents acquired by PEOPLE said the 45-year-old rapper and the 42-year-old reality star agreed to have joint physical and legal custody of their four children: Psalm, 3; Chicago, 4; Saint, 6; and North, 9.

Each month, the Grammy winner must pay the SKIMS founder $200,000 in child support. He will also have to pay for half of the children's educational, medical, and security expenses. The couple both agreed to waive spousal support.

They also decided to settle disputes about the children by participating in mediation. However, if one party fails to take part, the other can decide in a dispute by default.

According to the couple's prenuptial agreement, the property and other assets they previously owned will be divided. TMZ was the first to report that Kim and Kanye worked out a settlement on Monday night.

Citing the divorce deal, TMZ reported that Kanye's $4.5 million house next to Kim's home will go to the reality star. The rapper bought the house after Kim filed for divorce to be close to his kids.

In their settlement, Kanye West reportedly decided to give up the 3,650 square-foot, 5-bedroom home to Kim Kardashian. The reality star will now be responsible for all expenses related to the property after the rapper transfers its title to her.

READ NEXT: Kim Kardashian Reveals What Led Her to Divorce Kanye West and Why She's Not Taking Him Back Even After He 'Begs' 

Kim Kardashian Meets Family to Possibly Talk About Her Divorce Victory, Balenciaga Issue

Kim Kardashian looked tense when she arrived at what seemed like a family meeting on Monday night following the conclusion of her divorce from Kanye West and widespread backlash over her refusal to cut ties with Balenciaga.

According to the Daily Mail, Kris Jenner, Kourtney Kardashian, and Khloe Kardashian attended the meeting held at DTA Records Studio in Calabasas, California, owned by Kourtney's husband, Travis Barker. Travis seemed to have already been inside the building, as he was not seen entering with his wife. 

Kim, a brand ambassador for Balenciaga, has broken her silence with the fashion brand but has refused to cut ties with Balenciaga. Balenciaga recently released a disturbing holiday ad campaign with child models holding its teddy bear bags dressed in bondage gear.

Kim said she was "disgusted and outraged" by the Balenciaga ad campaign but has not cut ties with the brand and said: "As for my future with Balenciaga, I am currently re-evaluating my relationship with the brand."

Fans lambasted Kim for refusing to cut ties immediately with the fashion brand.  Balenciaga has already apologized and pulled the holiday ads. It also filed a $25 million lawsuit against the producers of the ad campaign.

Kim Kardashian and Kanye West Divorce

After six years of marriage, Kim Kardashian filed for divorce in February last year, citing "irreconcilable differences." In December, the SKIMS founder also asked to separate the issues of child custody and property from her marital status and have her maiden name restored aside from being declared legally single.

Their marriage became strained in 2020 when Kanye West, who suffers from bipolar disorder, declared his presidential bid under the banner of his self-styled Birthday Party. They further grew apart as the rapper spent most of his time at his ranch in Wyoming while the fashion mogul remained at her mansion in Calabasas.

READ MORE: Will Smith Reveals Truth About His Bottled-Up 'Rage' That Led to Chris Rock Slap at Oscars 

This article is owned by Latin Post.

Written by: Bert Hoover

WATCH: Kim Kardashian and Kanye West Settle Divorce, Kim Gets $200K a Month in Child Support - From TMZ