According to court records, a judge approved the terms of their breakup on Tuesday in Los Angeles. The agreement gives each performer the rights to their song catalogues, awards and guitars.
Neither side is entitled to spousal support.
Lavigne, who came into fame with her 2002 album, "Let's Go," filed for divorce in October 2009, citing irreconcilable differences.
Whibley is a guitarist and vocalist with the band Sum 41.
The two were married in July 2006 and have no children together.
The Associated Press contributed to this report.