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Inside Jessica Simpson's Parents' Divorce Settlement -- Who Gets What

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Apr. 26 2013, Published 12:53 p.m. ET

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Forget 11-month-old daughter Maxwell or sister Ashlee, it's Joe and Tina Simpson who are the beneficiaries of daughter Jessica's life insurance policy, RadarOnline.com can reveal.

According to an 18-page decree of divorce filed as part of the pair's multi-million dollar divorce settlement -- and obtained exclusively by RadarOnline.com -- the Fashion Star's parents have "undivided one half--ownership interest in and one half beneficiary of the American General Life Insurance policy ending in 510 in the life of Jessica A. Simpson."

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There is no mention of any life insurance policy of Joe and Tina's youngest daughter, Ashlee.

As we previously reported, a judge in McLennan County finalized the couple's divorce on April 22 after 34 years of marriage.

In the division of assets, the pair will also split profits from Tina's business with Jessica and Joe's management of both daughter's careers, it's revealed.

Joe, 55, was also ordered to fork over an unspecified amount of money to Tina, 53, from a JP Morgan Chase and Co. bank account that had $2.1 million parked in it.

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He will keep a mansion in Sherman Oaks, Calif. along with his two Mercedes and other personal property; Tina retains the one-time family home in Waco, Texas -- and her Range Rover and Porsche.

Both split numerous bank accounts and stocks, though the amounts were not specified in the court documents.

Despite reports linking Joe to a male escort, the one-time darling couple has been silent on the split, with a spokesperson insisting "there is no third party involved."

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