The Young Guns star has agreed to shared custody of their three girls, Lili, 7, and 10-year-old twins Grace and Isabella.
The 45-year-old has also agreed to pay a lump sum of $216,000, $7,600 per month in child support and $4,500 in spousal support to Kelly, whom he separated from in 2005.
According to court papers filed in Los Angeles Superior Court on July 30, and which were made public on Tuesday, Phillips must also share a percentage of any future increases in his current annual salary of $600,000.
In December, Phillips pleaded no contest to charges of abusing his girlfriend Yvonne Boismer; he was sentenced to a year of domestic violence counseling and 200 hours of community service, and was also placed on probation for three years.
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