Nick Cannon and Mariah Carey are divorcing after almost seven years of marriage. The couple had separated this summer, but were said to have been trying to keep it as amicable as possible for the sake of their three year old twins.

According to TMZ, 34-year old Cannon was the one who initiated the process, and actually filed the papers on December 12. That means he won't be seeing a dime of the huge Vegas residency deal the 44-year old Carey just signed with Caesar's Palace, which should be worth at least the $475,000 a show Britney Spears is getting in her Planet Hollywood residency.

But even without that, the former couple has more than $325 million to split up. So the newly single Nick will probably never have to worry about being reduced to living on All That residuals.