Jessica Simpson's parents will share her life insurance policy.

The 'Fashion Star' mentor's mother Tina and father Joe have split all assets in their divorce and the massive policy taken out on Jessica's life is just one of the items they have agreed to share.

According to TMZ: ''Joe gets half of their Sherman Oaks house, all his personal effects and bank accounts, the 2012 Mercedes SLS and 2011 Mercedes S63, and a bunch of stocks ... including Twitter.

''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.''

They have also agreed to share their interest in Jessica and her 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 Jessica.

A source said: ''An offer of a 50 per cent split of everything under the Simpson name has been offered to Joe.

''That includes the coveted Jessica Simpson Collection, which Joe desperately wanted because that's the real cash cow.

''Even though he has nothing to do with the fashion label, Tina just wants an end to the saga and if that means giving Joe what he wants, so be it.''