It appears the nasty divorce settlement proceedings between Heather Mills and Paul McCartney are finally over. After two years of petty squabbling, the two have finally reached a settlement, according to several reputable news outlets. Heather will get $40 million in a lump sum up front, and an additional $5 million a year until the couple’s daughter Beatrice turns 18 in 14 years.

Power-dressed in a black-velvet three-piece pantsuit with a crimson blouse, the former model and social activist couldn’t hide her joy as she walked from London’s High Court yesterday, smiling broadly at everyone.

As part of the deal, Mills agreed to never speak publicly or write in detail about the breakdown of the marriage, according to the Daily Mail. The accord came after Mills and McCartney had gone nose to nose in court for five days last week.

Mills will have main custody of Beatrice, but McCartney, whose fortune is estimated at $1.2 billion, will have equal visitation rights. Beatrice’s 65-year-old dad also agreed to set up a $2 million trust fund that she can access when she turns 18, according to the Daily Mail. Mills plans to live with Beatrice in Britain and either Poland or the Czech Republic, where she hopes to buy a home.

A source told the Daily Mail a verbal agreement was reached just before lunch. “They have a settlement,” a source said. “They have agreed on all points. Nothing much has changed this week. There was a deal at the beginning, but it was a complex one. There have been a few tweaks to the agreements, but those have been mostly changes Heather wanted made.” A hearing, perhaps the final one, is scheduled for Monday.

[From the Daily News]

Now Heather can fade away into obscurity, just like she’s been threatening. Most of us hoped it was a promise instead of a threat. Unfortunately Poland and the Czech Republic are not Antarctica/Outer Space like the rest of the world was hoping, but it’s better than nothing. Poor Beatrice having to grow up with such a loon for a mother. Heather wore a bizarre velvet pinstriped suit to court on Friday. It had big lapels and a horrible red shirt underneath. It was very 1993 of her. I’m fairly certain Sir Paul agreed to the settlement just so he wouldn’t have to look at that ensemble anymore. And that “face” of Heather’s doesn’t help. I don’t think face is even the right word. Something more like, “run over cheese pizza” is a more accurate description for the combination of features stuck onto the front of Heather Mills’ head. On the off chance Ms Mills doesn’t fade away into obscurity as threatened, I’m sure she’ll be bitching and moaning with that hideously malformed mouth of hers in the next week or two.

Pics of Heather Mills and Paul McCartney arriving at court yesterday. Images thanks to PR Photos.