Paul and Linda Hogan Finalize Divorce
07/23/2014 AT 06:40 PM EDT
Paul, 74, will pay $5.775 million to his ex-wife but will retain all of his rights with Crocodile Dundee. The exes will not receive spousal support.
The former couple will share joint custody of their 15-year-old son, Chance. The court documents detail how the exes are to share custody of their son on school holidays, summer vacation and special days.
Linda, 56, filed divorce papers last October citing irreconcilable differences.
Paul left his longtime wife and mother of their five children, Noelene, for Linda after the two met on the set of Crocodile Dundee in 1986.