Hollywood (eCanadaNow) - It has been quite some time now since actor David Hasselhoff and Pamela Bach have been divorced.  The two have finally reached a divorce settlement though.

Hasselhoff is being forced to turn over 50% ownership of their Encino home, worth over $950,000.

Hasselhoff also has to give Bach two cars.  The cars include a 1999 Lincoln Navigator and a 1960 Mercedez Benz.

Hasselhoff will keep two cars for himself, a 2007 Cadillac Escalade and a 2006 Mercedez Benz.

He will also pay $21,000 each month for child support.

They will share joint custody of their daughters, 17-year old Taylor Ann and 15-year old Hayley.

The divorce between the two was filed in January 2006.  They were married for over 15 years.