The agreement apparently enables Kelsey to marry fiancée Kayte Walsh later this month, as the Frasier actor had planned.
A judge is expected to enter an official divorce decree, allowing the Grammers to divorce and hash out financial arrangements at a later time.
Neither party has signed the settlement papers yet, but they both agreed to certify them by Thursday, reports TMZ.
It is thought that Kelsey will post a $2 million bond for the next 18 months to protect Camille's interest in his pension.
Camille recently said that she would not attend Kelsey and Walsh's wedding ceremony if she was invited.