The divorce between Rod Stewart, 61, and his second wife, model Rachel Hunter, 37, has been finalized, according to court documents obtained by PEOPLE. Details of their settlement and custody issues over their two children Renee, 14, and Liam, 12, were undisclosed. Hunter first filed for divorce from Stewart back in June 2003, seeking joint custody of their kids, then rescinded the divorce petition three days later. The couple had been estranged for years prior. In 2005, Stewart filed for divorce from Hunter, citing irreconcilable differences. Stewart is now engaged to model Penny Lancaster. The couple welcomed a son, Alastair, in November 2005.