Katie Maloney and Tom Schwartz reach divorce settlement

The divorce between Katie Maloney and Tom Schwartz is one step closer to being finalized. According to court documents that PEOPLE acquired, the former Vanderpump Rules couple negotiated a divorce settlement last week. According to the documents, Maloney, 35, and Schwartz, 39, will proceed with the legal separation, and they have reached an understanding regarding the associated finances. In the declaration, Maloney and Schwartz both acknowledged that they had reached an uncontested agreement over how to divide their joint assets and waived any claims to past, present, or future spousal maintenance. Although the divorce is officially finalized, the paperwork still needs to be approved by the judge before it can be considered complete.