Noting that the terms of the settlement are private and confidential, Clair says on Hoppy's behalf in a statement to PEOPLE: "Jason is thrilled that this chapter of his life is over; he is extremely pleased with the settlement that was reached. Jason looks forward to the future and enjoying that time privately with family, friends and most important to him, his daughter."
Frankel's lawyer Allan Mayefsky released a statement exclusively to PEOPLE on her behalf: "Out of respect for her privacy and the well-being of her daughter, Bethenny is declining to comment. We can confirm that the divorce has been resolved. Our client is ecstatic that this long chapter is over, and she is looking forward to moving on with her life."
Frankel and Hoppy, who share 6-year-old daughter Bryn, announced their split in December 2012 after three years of marriage.
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