Police confirmed to PEOPLE that Phillips, 44, was arrested Friday morning at his home in Los Angeles following an alleged dispute with his girlfriend, makeup artist Yvonne Boismier.
After police were called at about 1:30 a.m., investigators arrived on the scene, gathered evidence and arrested Phillips for assault with a deadly weapon (the deadly weapon, police said, was bodily force).
Phillips was taken to the local police precinct and held on $50,000 bond. However, he was released on his own recognizance without posting bail at about 11:45 a.m.
A rep for the actor tells PEOPLE no charges are being pressed by the police or Boismier, but police say the L.A. city attorney has scheduled a hearing in the matter.
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Phillips was married to director Julie Cypher, who later entered a long-term relationship with Melissa Etheridge, from 1986 to 1990 and to makeup artist Kelly Preston (who changed her last name to Phillips) from 1994 to 2005. He and Kelly have three children, twins Grace and Isabella, 8, and daughter Lili, 6.