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David Hasselhoff, Ex-Wife Settle Divorce Terms

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Apr. 18 2008, Published 5:10 a.m. ET

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The Hoff must cough up some dough!

David Hasselhoff has agreed to pay $25,000 a month in spousal and child support as part of his divorce settlement.

Per court documents filed on Thursday, David will pay ex-wife Pamela Bach a monthly stipend of $21,000, while their daughters Taylor, 17, and Hayley, 15, will receive $4,000.

The two share joint custody of their daughters and will also share joint ownership of their San Fernando Valley home. As for their possessions, the couple will divvy up their cars, bank accounts and the former Baywatch star’s pensions from acting and directing guilds.

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David and Pamela divorced in 2006 after 16 years of marriage. Last May, the 55-year-old actor, a recovering alcoholic, was temporarily banned from seeing his daughters after a video surfaced of him noticeably drunk .

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