Christie Brinkley and Peter Cook
Lisa Mauceri/INF (2)
07/10/2008 AT 09:45 AM EDT
07/10/2008 AT 08:00 AM EDT
A little more than one week after it began, the explosively nasty
divorce trial of Christie Brinkley and Peter Cook has come to a sudden end.
After a night of intense negotiations, the warring exes reached a settlement Thursday morning at 6:15 a.m., a source close to the case confirmed to PEOPLE.
In the agreement, Brinkley received sole custody of their two children, Jack, 13, and Sailor, 10, and gets to keep all 18 properties in the Hamptons – "several" places on Long Island and one house in the Turks and Caicos were being disputed. She's agreed to pay Cook $2.1 million.
Cook does get "parenting time" in the decision, although Brinkley does have sole decision-making power.
Brinkley and Cook were both spotted in the same Long Island hotel Wednesday night as lawyers for both sides worked furiously to put the finishing touches on a deal they had been negotiating throughout the day.
Another source confirmed to PEOPLE that Brinkley and Cook did briefly speak to one another during the negotiations, but added, "They don't communicate well."
The couple split two years ago after Brinkley learned of Cook's affair with his then-teenaged assistant Diana Bianchi, now 21.
After the court adjourned Thursday, Brinkley was seen outside, hugging two of her girlfriends and sobbing.
See the Hollywood marriages – Britney & K-Fed, Jessica & Nick and more! – that ended in a high-profile divorce on the cover of PEOPLE