Page Six reports that the terms of the settlement are confidential, though Lima will reportedly retain primary custody of the couple's two daughters, ages 6 and 3.
Lima and Jarić announced they were splitting after five years of marriage in May 2014.
“After long and careful consideration, we have decided to separate after five years of marriage," the couple told Us Weekly at the time. "We are grateful to be the parents of two incredible young daughters that we will continue to co-parent. We would greatly appreciate your respect for our family's privacy as we begin this delicate next chapter for all members of our family."
Following the split, Lima was reportedly linked to Justin Bieber but she shut down the speculation fast.
"Anybody below 6-foot-7, you know how I call them?" she asked Andy Cohen on Watch What Happens Live. "Friends."