According to divorce documents obtained by PEOPLE, The Real Housewives of Atlanta alum, 55, and the TV host, 52, agreed there is “no chance of reconciliation.”
Hill, who is the defendant in the case, also acknowledged the couple’s marriage “is irretrievably broken and agrees to the dissolution of their marriage.”
The former couple had no real or personal property to divide and they never “shared any bank accounts or investment accounts jointly,” according to their settlement terms. Bailey and Hill are the owners and residents of “two separate and distinct residences.”
The parties — who both declined alimony — will also maintain their own retirement accounts and insurance plans.
The divorce case is not yet finalized and the next court hearing is scheduled for Jan. 5, according to the documents.
On Thursday, Bailey and Hill also filed a motion to seal further documents from release due to “a grave interest in protecting both their privacy interest and mental health” as “public figures.”
“The parties assert that there are certain private matters concerning the dissolution of their marriage which may raise issues concerning both the moral character and embarrassing acts of one of the parties,” the filing stated.
The request continued, “These facts are perceived to have a strong probability of potentially adversely compromising one or both parties reputation, image, business dealings, and will significantly harm the parties mentally, psychologically, financially and emotionally.”
The news comes after Bailey filed for divorce from Hill in October after two years of marriage. In a statement to PEOPLE, Bailey revealed she has kept a close friendship with Hill — though the pair had decided they were no longer romantically compatible.
“Although that journey has come to an end, I am so grateful for our continued friendship, and the beautiful memories that we made together,” she said. “God willing, I will find love again. Whatever is destined to be, will be; and I could not be more excited for my next chapter!”
Bailey added, “I pray my friends, family, and fans will continue to be along for the ride with me in this awesome thing we call ‘life!’ Thank you for your continued prayers, support, and well wishes.”
RELATED VIDEO: Cynthia Bailey on Filing for Divorce from Mike Hill After 2 Years of Marriage: ‘I Gave It My All’
In a separate statement to PEOPLE, Hill said he was “grateful” that their “friendship remains rock solid” despite the split.
“We’ve been thinking about going our separate ways for the last few months, so it was good for us both to have that time to process it all privately,” he continued. “I can smile knowing she’ll always be there for me as I will be for her.”
“I felt like we weren’t friends anymore,” Bailey said. “I felt like it was just going toward we’re just not going to be friends if we didn’t pump the brakes.”
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.
“This is not my first rodeo. I think friendship just has to be there in a marriage,” she continued. “Like, love is great, but friendship has to be there. I truly want to be with my best friend.”