David Hasselhoff and his ex-wife have reached an agreement over the amount of spousal support the actor has to pay her each month

By People Staff
June 23, 2016 04:15 PM
M. Caulfield/WireImage

David Hasselhoff can say goodbye to more than half of his $21,000-a-month alimony bill.

The actor and his ex-wife Pamela Bach have reached an agreement regarding his spousal support. According to the court documents obtained by PEOPLE, Hasselhoff will now pay Bach $10,000 a month in alimony, almost half of what he paid her previously.

The Baywatch actor filed legal documents in April to either completely cut off or significantly reduce spousal support to his ex-wife, whom he divorced after 16 years of marriage in 2006.

In a subsequent filing, he claimed he had “less than $4,000 in liquid assets” to his name, and that he “recently had to withdraw additional funds from my retirement plan in order to pay for my living expenses.”

The actor had also claimed he’d paid in excess of $2.3 million to his ex-wife since they divorced 10 years ago, not including the money he has spent supporting his daughters, who were teenagers at the time of the split.

“I am 63 years of age, and am at an age when I should be preparing for retirement and not having to continue working in order to pay [Bach’s] support,” Hasselhoff explained in the legal docs.

With Hasselhoff’s reported gross monthly income listed at $112,000, the actor will now have an extra $10,000 each month to put toward his retirement.