The rocker and former former Miss New York share three children together.
The singer will pay her ex $1.25 million and give him half the proceeds from the sale of their L.A. home.
The couple, who were married for more than a decade, share an 8-year-old daughter.
Morris initially filed for a dissolution of marriage in October.
Morris filed for divorce from her husband of five years in October.
"It is with deep love and respect that we have made this decision," the couple said on their socials.
"We wish each other the best and will always appreciate our time together," the pair say in a joint statement sent to Billboard.
During an episode of Watch What Happens Live, the Grammy-winning DJ says he ended up playing their second wedding "pretty cheap, maybe for free" after his Instagram Live.
The Jonas Brothers singer filed a petition for dissolution of marriage on Tuesday (Sept. 5).
"We will hold onto the love and respect we have for each other and I wish her the best always," Asghari wrote in his statement, which comes a day after he filed for divorce from the pop star.
