The 64-year-old singer split from Rashid in June 2016, and although he had previously been ordered to make temporary payments of $2,500 a month, the pair have now agreed terms and each of them has given up their right to spousal support forever.
According to documents obtained by The Blast, Jackson and Rashid were “each awarded any community property currently in their possession.”
Rashid also received interest in a water company, her bank accounts, investments and all of her own clothes, jewels and earrings.
Jackson keeps his own personal belongings and any money made before the marriage.
Speaking previously about their split, Rashid said their lives would be better if they divorced.
She said: “With a great amount of sorrow and regret, I announce that I am filing for divorce from Jermaine Jackson.
“We have enjoyed many good times during our marriage of nearly 12 years, but we have reached a point where our lives would be better and more productive if we are not married. I respect and care for Jermaine and his legendary family and feel blessed to have been a part of the Jacksons.
“At this time, I ask that our friends, family members and the media respect the difficulty of this decision and allow us privacy as we move on with our lives. Thank you very much.”
In November 2015, Rashid was arrested on a domestic violence charge amid claims she bit her husband’s leg.
She was taken into police custody, charged with felony corporal injury and released on $50,000 bail.
However, the case was dropped because prosecutors couldn’t determine who the aggressor in the fight was.
Following the incident, Jackson insisted he still loved his wife and wanted to work things out.
He said: “It’s obvious, I’ve been with Halima for 11 years, I still love her, things happen. She is still my wife.”
Jackson and Rashid met in January 2004 at a Starbucks and were married eight months later.