Peter Phillips and his estranged wife, Autumn, have agreed a divorce settlement, negating the need for a five-day High Court trial.
The couple, who have two daughters, announced last February that they were divorcing, after 12 years of marriage.
A statement released on behalf of both parties on Monday said: "Mr Peter Phillips and Mrs Autumn Phillips are pleased to be able to report that the financial aspects of their divorce have been resolved through agreement, the terms of which have been approved and ordered by the High Court.
"Whilst this is a sad day for Peter and Autumn, they continue to put the wellbeing and upbringing of their wonderful daughters Savannah and Isla first and foremost.
“Both Peter and Autumn are pleased to have resolved matters amicably with the children firmly at the forefront of those thoughts and decisions.”
Autumn and Peter Phillips at the Braemar Games
Credit: Andrew Parsons/i-Images
The couple requested privacy and consideration for their children as the family “adapts to a new chapter in their lives".
A pre-trial review hearing was heard remotely before Mr Justice Peel in the Family Division, in May, as lawyers for each party sought to separate their finances and agree a settlement.
Mr Phillips, 43, son of the Princess Royal and elder brother to Zara Tindall, applied for reporting restrictions barring the disclosure of financial and other personal details.
A five-day trial was scheduled to begin on Monday but just hours before it was due to start, the court confirmed that the hearing had been cancelled.
Mr Phillips retained Nicholas Yates QC, a leading divorce lawyer whose online profile says he handles "complex cases relating to significant assets and jurisdictional disputes" and also "leads negotiations in high-value postnuptial agreements".
He last year worked alongside Ayesha Vardag, representing Simrin Choudhrie, 38, who sought £100 million from Bhanu Choudhrie, 41, an heir of one of India’s richest families.
As the Queen and the Duke of Edinburgh’s eldest grandchild, Mr Phillips walked behind his grandfather’s coffin during his funeral procession in April, placed between the Duke of Cambridge and the Duke of Sussex.
In March, he was accused of breaking lockdown restrictions by spending the night with female friend Lindsay Wallace, 40, in Aberdeenshire, Scotland.
Police officers were said to have visited the pair at the property and "issued advice" but concluded that no breach of rules had taken place.
Mr Phillips, a marketing consultant, was reported to have been in Scotland on business "in connection with his work for XF Medical which operates in the Covid testing arena".
He is listed on Companies House as event director of Festival of British Eventing Ltd. Accounts filed in October last year show the company made a loss of £26,412.
He and Mrs Phillips are directors of SEL UK, a sports and events firm which is a division of an Australian company set up in 2012 by a friend of his father, Captain Mark Phillips.
Accounts suggest the company’s losses rose to over £300,000 in 2019.