The America's Got Talent star was also ordered to pay Belafonte US $5,000 a month in child support for their daughter Madison.
After Monday's hearing Belafonte told DailyMail.com: "I'm ecstatic - I'm going to Disneyworld. I got everything I wanted and we could have settled this months ago. It's such a relief that it's finally over."
However, Belafonte, also 43, said he was 'disappointed' that his request for step visitation with 10-year-old Angel - Mel's daughter by Eddie Murphy - was not part of the agreement he made with Mel, who has vehemently opposed his efforts to spend time with Angel.
Belafonte helped raise Angel from birth.
"We wanted to get all the other issues between us settled so I decided to table that. But it's very possible I could try again - because I would really like to spend time with Angel."
The step parent visitation motion was just one of several issues - mostly involving children and finances - that the judge tried to get the couple to resolve in his courtroom last month.
But after nine grueling hours over two days in court, the couple couldn't end their bitter deadlock which included Belafonte's request for a restraining order against Mel, claiming that she 'wants him dead or thrown in jail,' and hers against Belafonte requiring him not to harass her and to stay 100 yards away from her.
With no sign of a compromise between the couple, Judge Juhas ordered both to come back to court Monday to try to settle their differences and reach agreement at last.
In their settlement, while they'll voluntarily stay 200 yards away from each other, exceptions will be made for daughter Madison's school events, extra-curricular activities and teacher conferences.
They'll also split vacation and school holiday time with Madison and, according to their agreement, 'Neither parent will make disparaging remarks to Madison about the other parent.'
Belafonte and Mel were divorced last December after a bitter nine-month battle in which lurid tales of kinky sex, drug and alcohol abuse and allegations of domestic violence made headlines.
Despite their divorce being final more than six months ago, trying to settle complicated issues between them, mostly over children and money has dragged on through this summer, with Mel estimating that she's now spent more than $1million in legal fees and owes another $800,000 to attorneys and accountants.
Mel claims the long-drawn-out split with Belafonte has ruined her financially, she's more than $3million in the red and the IRS has started garnishing her America's Got Talent salary to pay off hundreds of thousand of dollars in back taxes she owes.
The couple's marriage fell apart in March last year when Mel filed for divorce, citing irreconcilable differences, and she took out a domestic violence restraining order against Belafonte, accusing him of years of abuse against her, embezzling $10 million of her money and keeping her drugged during much of their marriage. Belafonte has denied all the allegations.
Mel also took out a civil harassment restraining order against the couple's beautiful blonde nanny Lorraine Gilles whom she branded a 'home wrecker' and 'prostitute' she claimed had an affair with Belafonte and conspired with him against her by threatening to release embarrassing sex videos of Mel.
Over the following nine months intimate details were revealed about the couple's sex life during their marriage, including three-ways with German-born Gilles who claimed to have had a seven-year sexual relationship with Mel.
Belafonte and Gilles, 26, repeatedly denied Brown's charges against them and fought the restraining orders through 20-plus court hearings till, at last, the case was set to go to trial in November 2017.
The trial was halted when Mel and Belafonte reached a private settlement at the 11th hour and Judge Juhas dissolved the domestic violence restraining order.
Three days later Mel also dropped her restraining order against Gilles.
The divorce became final last December 15 with Mel agreeing to pay Belafonte $15,000 a month in spousal support until December 2020.
As part of their divorce settlement Mel and Belafonte are to split the proceeds of their former marital home in LA, worth an estimated $8 million.
