Dennis Quaid's Ex-Wife Gets $2 Million Spousal Support Lump Sum in Divorce Settlement

Dennis Quaid and his wife Kimberly Buffington-Quaid are officially divorced.

Buffington-Quaid, who filed for divorce in 2016, will receive $2 million in a lump sum payment, another million for property settlements and $13,750 a month in child support, which could increase if Quaid pulls in more than $1.3 million in a year, according to court documents obtained by PEOPLE.

While the duo are sharing joint physical custody of their twins Thomas Boone and Zoe Grace, both 10, Buffington-Quaid was awarded 75% of their time.

Quaid, 64, is reportedly keeping most of the cars — a 2007 Land Rover, 2012 Mercedes and 2013 Honda — while his ex-wife will keep her 2014 Mercedes. Additionally, the actor will keep their home in Austin, Texas, and they’ll split the sale price of their family home.

RELATED: Dennis Quaid Says His Twins are Thriving 10 Years After a Medical Mistake Nearly Killed Them

Buffington-Quaid cited irreconcilable differences and requested spousal support when she filed for divorce in Los Angeles in 2016, according to the court documents obtained by PEOPLE.

“After careful consideration, we have decided to end our 12 year marriage. The decision was made amicably and with mutual respect toward one another,” the two told TMZ in a joint statement at the time. “We will always remain great friends and devoted partners in raising our children.”

Her filing marked the second time she filed a divorce petition during their turbulent marriage. The mother of two previously filed in March 2012 in Texas but she withdrew her papers two months later. The couple wed in 2004.

Quaid was previously married to actress Meg Ryan with whom he has 24-year-old son Jack. Their 10-year marriage ended in divorce in 2001.

Before that the father of three was married to actress P.J. Soles from 1978 -1983.