The former couple have reached a private agreement on child support, spousal support, split of assets and custody over their son, Hopper Jack, 17, according to court papers filed July 22 in Marin County, Calif.
Penn, 49, and Wright, 44, who are now legally single and free to wed others, also have a daughter together, Dylan, 19.
The process of divorcing hasn't been without its hitches for the actors. In Dec. 2007, the two started divorce proceedings after 11 years of marriage, only to call it off four months later.
Penn then filed for legal separation in April 2009 before the couple again temporarily reunited in May. Wright later finally filed for divorce in August and told More magazine she had no plans to reconcile with the actor.
Since their most recent split, Wright has been enjoying her newfound independence and has said she'll remain friends with her ex, though the feeling doesn't appear to be mutual.
In an interview for Vanity Fair's July issue, the actor reflected on his split. "[Robin] is a ghost to me now. We spent all those years together … Now she's just gone."
Reporting by KEN LEE