Jessica Simpson`s parents to share her insurance policy

Los Angeles: Singer-actress Jessica Simpson`s parents Joe and Tina have reportedly split all the assets in their divorce and have agreed to share Simpson`s life insurance policy (LIP), among other things.

"Joe gets half of their Sherman Oaks house, all his personal assets and bank accounts, the 2012 Mercedes SLS and 2011 Mercedes S63, and a bunch of stocks...," quoted a source as saying.

"He also gets $237,285 in an escrow account from the sale of their other Los Angeles home.

"Tina gets the house in Waco, Texas, over 10 bank accounts, a 2010 Range Rover Sport, 2011 Porsche 997 coupe, and other assets," the source added.

They have also agreed to share their interest in Simpson`s and sister Ashlee`s management fees.

It was recently claimed Tina, 53, was so sick of fighting with 55-year-old Joe that she was willing to give into his demands for an equal split of everything under the family name, including the multi-million dollar clothing line she manages for Simpson.

"An offer of a 50 percent split of everything under the Simpson name has been offered to Joe. That includes Simpson Collection, which Joe desperately wanted," the source added.