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.