Aside from reaching a custody agreement over the raising of their daughter, the good news here is that Mel Gibson and Oksana Grigorieva can finally get on with their lives.

The Braveheart star and his ex-girlfriend turned up in Los Angeles County Superior Court today where their attorneys officially informed Judge Peter Lichtman that the two have settled their financial child custody issues.

So what's the deal?

Oksana will be allowed to live in Gibson's Sherman Oaks, Calif., house until their nearly 2-year-old daughter, Lucia, turns 18. At that point, once she reaches that age, the home will be sold and proceeds will be put in a trust for Lucia.

The Oscar winner also agreed to pay his Russian baby mama $750,000 in three installments—$250,000 after the releases have been signed, another $250,000 by September 2013 and a final installment by September, 2016. 

The pair will also share joint legal and physical custody of Lucia as well.

Judge Lichtman lastly warned the parties not to do any publication regarding their tumultuous relationship—be it a book, hiring a ghost writer to pen a book (or make a movie or an audio tape natch)—or the settlement will be void.

Both Mel and Oksana agreed to the terms and thanked the court. Neither spoke to the media after the hearing.

But Grigorieva's lawyer, Daniel Horowitz, did tell reporters that the pianist wanted to resolve the contentious matter for the sake of their daughter.

"Oksana and Mel were in love. In love for three years. Lucia was a planned child," said the legal eagle. "Oksana settled today because it was the best interest of Lucia. Oksana will not be commenting. Instead she is going to concentrate on raising her daughter herself without nannies."

The musician's co-counsel, Marvin Garvus, added he hopes in the future that "Mr. Gibson's career moves on and so will [Oksana's]. She has...another CD coming out soon. She is totally devoted as a mom."

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