updated 08/23/2010 AT 12:55 PM ET
•originally published 08/23/2010 AT 2:15 PM ET
After months of speculation, the marriage between Tiger Woods and Elin Nordegren Woods is officially over: The couple were present at Bay County Circuit Court in Panama City, Fla., Monday for the execution of their divorce agreement.
“We are sad that our marriage is over and we wish each other the very best for the future,” they said in a statement released by Nordegren’s Virginia-based law firm of McGuireWoods. “While we are no longer married, we are the parents of two wonderful children and their happiness has been, and will always be, of paramount importance to both of us.”
The documents do not reveal details of the split, but the couple’s statement also says, “Once we came to the decision that our marriage was at an end, the primary focus of our amicable discussions has been to ensure their future well-being. The weeks and months ahead will not be easy for them as we adjust to a new family situation, which is why our privacy must be a principal concern.”
The settlement – division of property and assets – was undisclosed, but varying reports have suggested that Elin, 30, could receive anywhere from $100 million in assets to as much as five times that figure. Sources have previously told PEOPLE that custody was the key issue for both, and that the couple wanted to share custody of their two children, Sam Alexis, 3, and Charlie Axel, 18 months.
Whatever the terms of the divorce are, they have likely changed over the past few months. Sources say that although Elin had signed a prenuptial agreement, it was renegotiated after the sex scandal that derailed Tiger’s personal life and professional career.
The split comes as little surprise to those closest to the 34-year-old Woods.
Shortly after the November car accident outside his family home, reports emerged that he had been carrying on several affairs. After he admitted his infidelities, he put his golf career on hold while he attended what was described as sex rehab in an undisclosed location.
Meanwhile, Elin continued to be seen in the Orlando area – running errands, dining out and taking her children to school. She also enrolled in psychology classes at Rollins College. Sources have said that the split and continuing news have taken an emotional toll on the former sports model, and that she may move back to her native Sweden in upcoming months.
A source close to Elin tells PEOPLE that she is relieved that the issue is resolved: “She’s feeling okay about all this. She’s been through hell but handled herself with such dignity. And now she’s got a whole new life ahead of her.”
After it became clear that the couple was living separate lives, Woods’s golf game began to falter.
In post-tournament press conferences, he refused to answer questions about his marriage, but did open up about his children. “All that really matters is I have two beautiful kids,” he told reporters last month, “and I’m trying to be the best dad I can possibly be, and that’s the most important thing of all.”
Woods was represented by Thomas J. Sasser of the Florida firm of Sasser, Cestero and Sasser and by Peter T. Mott of his long-time general counsel Brody Wilkinson of Connecticut. Richard Cullen and Dennis I. Belcher of McGuireWoods provided counsel for Nordegren.