Billy Ray Cyrus and Firerose have reached an agreement over their divorce settlement.

The 62-year-old star filed for a divorce from Firerose nearly three months ago, citing irreconcilable differences and inappropriate marital conduct as the reasons for their break-up.

In a statement shared with PEOPLE, Cyrus' attorneys said: "This past Friday the parties reached a settlement agreement at mediation to dissolve their seven-month marriage, and the Court declared the parties divorced this morning.

"Mr. Cyrus is relieved to put this nightmare behind him."

The attorneys noted that "a couple of weeks ago, prior to mediation, Ms. Hodges legally changed her last name from 'Hodges' to 'Cyrus'". The legal team suggested that her behaviour "validates his assertion that his ex-wife's sole impetus for marrying him was to obtain his last name".

By contrast, a source close to Firerose has claimed that she filed to change her last name shortly after they tied the knot.

The insider told PEOPLE: "This was not something she just did last week, especially following the ongoing smear campaign by his team."

What's more, the source claimed that Firerose chose to "walk away without fighting for money in order to be done with the volatile relationship and anything having to do with Billy".

Prior to that, an insider revealed that Billy felt "happy to be out of [his] marriage".

Friends of the musician claimed that he just wanted to "to put all the drama in the past" following their acrimonious split.

The insider told PEOPLE: "He has a good support system.

"He's happy in Nashville and doing well. He's with close friends and he has great contact with [his daughter] Noah. He's happy to be out of the marriage.

"[He feels like the relationship was] all a scam and he feels lucky that he figured it all out."