Mariah Carey and Nick Cannon divorce settlement details revealed

Details of Mariah Carey and Nick Cannon's divorce settlement and custody agreement have been revealed, with the singer giving a Ferrari to her ex-husband.

The couple split up two years ago but only finalised the paperwork a few weeks ago, and the terms of their agreement have now been revealed, with their five-year-old twins Moroccan and Monroe primarily living with their mother.

However, Nick shares joint custody with the 46-year-old singer, and when he visits the kids, Mariah has agreed to pay his travel and lodging expenses, TMZ reports.

In addition, the 'America's Got Talent' host has to put $5,000 a month in a trust fund for the youngsters, which the 'Fantasy' singer doesn't contribute to, though she did agree to sign over the luxury 2012 vehicle to her former spouse.

There is also a clause in the agreement that states the twins are not allowed to refer to anyone other than Mariah and Nick - who married in 2008 - as their parental figures, meaning they can't call anyone else mom or dad, or variations on the terms.

Perhaps most surprisingly, the figures show Mariah - who requested a rumoured $50 million from her former fiance James Packer when they split last month - earned just $6.3 million, while Nick took home $2.5 million in 2014.

Nick and Mariah have stayed close for the sake of their kids, and the rapper-and-presenter recently vowed to be the "best" father he can be to the twins.

He said: "My ex and I are in a great place and are diligently moving things along so we both can continue to be happy. I am happy for her and all her new endeavours, both personal ones and professional ones.

"I've been reflecting quite a bit on my life as a father and how I want to be the best one I can be, the way my father figures were to me. So with that said, I just ask that the public continues to respect our process and remain patient and loving as me and my family aim for happiness."

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