Liam Hemsworth and Miley Cyrus reportedly settled their divorce on Tuesday, almost one year to the day that the two tied the knot

Liam Hemsworth is all smiles as he spends his Christmas ready for a party, one day after it was reported he reached a divorce settlement with Miley Cyrus.

The Isn’t It Romantic actor, 29, shared a sunny snapshot of himself on Instagram, showing the star with a beer in-hand, a cooler strapped around his shoulder and a towel tucked in his waistband — ready for a day of holiday celebrations.

“Locked and loaded. Bring on the festivities!” the actor captioned the photograph, in which he wears shorts and a cut-off T-shirt topped off with a colorful hat and shades.

The party-ready disposition comes shortly after news broke on Tuesday of Hemsworth reaching a settlement in his ongoing divorce from ex Cyrus, 27, which is expected to be finalized in March.

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The two settled the details of their divorce, TMZ and Entertainment Tonight reported on Tuesday.

Their property has been divided and Cyrus will reportedly retain custody of their animals, according to the outlets. Reps did not immediately return PEOPLE’s request for comment.

Hemsworth filed for divorce from Cyrus in August after getting married seven months earlier, on Dec. 23, 2018. On Aug. 10, a rep for Cyrus confirmed to PEOPLE in a statement that the couple had split.

“Liam and Miley have agreed to separate at this time,” the statement read. “Ever-evolving, changing as partners and individuals, they have decided this is what’s best while they both focus on themselves and careers. They still remain dedicated parents to all of their animals they share while lovingly taking this time apart. Please respect their process and privacy.”

Liam Hemsworth and Miley Cyrus
Liam Hemsworth and Miley Cyrus, April 2019
| Credit: Rich Polk/Getty Images for Disney

Since the split, Hemsworth has sparked dating rumors with model Gabriella Brooks. Earlier this month, the actor was photographed introducing Brooks, 21, to his parents, Craig and Leonie Hemsworth, while in Byron Bay, Australia.

Brooks appeared to hit it off with the Hemsworths as she greeted Leonie with a hug before the group enjoyed lunch.

Cyrus, who has since moved on with singer Cody Simpson, 22, used a fitness routine as her form of self-care to get through what would have been the exes’ first wedding anniversary days ago.

On Monday, the star shared a photo of herself taken after a Pilates session to her Instagram Story, writing, “I think it is super important for everyone to truly enjoy themselves this holiday season!”

“Take time off, relax, enjoy warm meals, indulge in the sweets we usually try to stay away from but alsooooooo KEEP MOVING!” Cyrus continued. “Even if it’s for 15-20 minutes a day! Something is better than nothing!”

She added: “I’ve been trying to be super gentle on myself and even if it’s just a walk with my mom or dogs in the morning! Movement is an important ingredient to self love/care!”