Drescher is co-writing the series alongside her real life ex-husband, Peter Marc Jacobson, who previously worked with Drescher as co-creator and writer on "The Nanny."
"We are so excited to get started on production of 'Happily Divorced,'" Larry W. Jones, president of TV Land, said in a statement. "Fran is a comedic icon, and with the amazing cast and hilarious writing, our viewers are sure to embrace this addition to our original sitcom line-up."
The sitcom is about a longtime married couple who must learn to adjust to a new lifestyle when the husband announces he is gay and can't afford to move out of their home. It will air after "Hot in Cleveland," a comedy about three 40-something friends who realize they're considered more glamorous in Cleveland than they are in Los Angeles.
"Because 'Happily Divorced' focuses on entering into a new and uncharted stage in life, it's the perfect companion to 'Hot in Cleveland,'" added Keith Cox, executive vice president of TV Land's development and original programming.
Celebrity Breakups and divorces of 2014 [PHOTOS]