After almost two years, the divorce of Reese Witherspoon and Ryan Philippe has been finalized in a Los Angeles court.

The custody and financial settlements were reached on Thursday, People is reporting. The details of the finalized documents are not yet available, though it is believed that Witherspoon and Philippe will share custody of their children Ava, 8, and Deacon, 4.

One document released by the court, dated June 12, stated: “[The court finds] the parties have settled all their remaining issues in these proceedings.”

Witherspoon and Philippe first filed for divorce in November 2006, after a rocky few months which saw Oscar-winning actress Reese holidaying alone a number of times.

The pair were together for seven years, and started dating after co-starring in the 1999 hit movie, Cruel Intentions.

Reese is currently dating Brokeback Mountain star Jake Gyllenhaal, while Philippe has just gone public with his relationship with Australian actress Abbie Cornish.

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Reese Witherspoon doing her bit to support a worthy cause at the Avon Walk for Breast Cancer in Washington D.C. on Sunday.

More pictures after the link.