It was reported yesterday (March 9) that the GI Joe star's partner filed for divorce after the marriage became "insupportable because of discord or conflict of personalities".
Kimberley was alleged to be seeking spousal support and asking for their community assets to be divided equally, but her requests were said to be opposed by the actor.
In response, a representative for Dennis said: "We can confirm that Kimberley Quaid has filed for divorce. Contrary to what has been reported, a satisfactory settlement is being worked out for both parties. We will not be providing any further information on this private matter."
The former couple will temporarily share custody of their 4-year-old twins Thomas and Zoe.
Dennis wed Kimberly in July 2004. He was previously married to PJ Soles and Meg Ryan.
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