TMZ confirmed the 39-year-old actor and 41-year-old actress will keep residences within five miles of each other as they co-parent their 6-year-old son, Jack.
Pratt and Faris will maintain the agreement until Jack completes the sixth grade. Both parties must provide written notice if they plan to move outside a five-mile radius or take Jack on a trip outside the country.
People said Pratt and Faris will share joint physical and legal custody of Jack. The pair will have a "flexible timeshare" of their son dependent on their availability and work schedules.
In addition, Pratt and Faris both waived the right to spousal support and will not pay child support. The former couple had a prenuptial agreement in place to address spousal support, community property and other issues.
Pratt and Faris called it quits in August 2017 after eight years of marriage. Faris said in an interview with Hits 1 in Hollywood in April that she and Pratt have remained close since their split.
"We have a great friendship, we really do and we always have," she said. "It's always tough to envision your future as one thing, but I think there is a lot of love."
Pratt and Faris reunited on Halloween in October to take Jack trick-or-treating. The trio were accompanied by Pratt and Faris' new significant others, Katherine Schwarzenegger and Michael Barrett.
"It seems they all get along really well," a source told People. "Everyone had a good time. They were making an effort to make sure Jack had a great Halloween."