The pair have been awarded a 50/50 split in the rights to Angela and the Medieval Spawn, characters they introduced jointly in 1992's Spawn #9, reports Minnesota Public Radio.
The pair each now own half of Spawn #9, #26 and issues #1-3 of the Angela spinoff.
In 2010, Gaiman was awarded a share in the profits made from Dark Ages Spawn, Domina and Tiffany, which were ruled as derivatives from the characters he created.
Gaiman has said that the profits he has won are all donated to charity.
McFarlane is still rumoured to be involved in the Marvelman/Miracleman rights case, which has seen Marvel Comics' planned reprints of the character delayed. Gaiman was a writer on the Miracleman series.