Halle Berry Is 'Relieved' Her Divorce from Olivier Martinez Is Settled: 'Ready to Move On' (Exclusive Source)

Halle Berry is "relieved" that her divorce from Olivier Martinez has been finalized after nearly eight years, a source tells PEOPLE.

Following the news on Aug. 23 that Berry and Martinez, both 57, settled their divorce and custody agreements, with the pair sharing joint custody of their son Maceo, 9, a source says that the Oscar winner is "so ready to move on," adding, "It’s been way too drawn out."

In addition to the joint custody ruling, Berry also agreed to pay Martinez $8,000 a month in child support. She will also pay the French actor "4.3% of any income she receives above $2,000,000" in additional support, as well as her son's private school tuition, uniforms, school supplies and any extracurricular activities, according to documents obtained by PEOPLE.

"She needed it all finalized," the source added of Berry's perspective on the divorce settlement.

Berry and Martinez initially filed for divorce in October 2015 after two years of marriage. At the time, the pair told PEOPLE in a statement that they were acting "with love and respect for one another and the shared focus of what is best for our son."

"We wish each other nothing but happiness in life and we hope that you respect our and, most importantly, our children’s privacy as we go through this difficult period," the former couple said at the time.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

A judge ruled Berry and Martinez legally single in December 2016, but the exes continued to negotiate over child custody and support. Other than son Maceo, Berry is also a mother to daughter Nahla Ariela, 15, whom she shares with ex-boyfriend Gabriel Aubry.

Berry has been dating singer-songwriter Van Hunt since 2020. The singer-songwriter, 53, recently shared a number of photos to Instagram to mark Berry's birthday on Aug. 14.

"this is the woman i love," Hunt wrote. "happy bday, my love."

Berry responded to Hunt in a comment, writing: "thank you Van for always letting me be ME and loving me anyway ! 🫵🏾🌸"