The former couple finalised its divorce last November 2019, and have now settled on terms for how they'll parent their daughter.
According to The Blast, Channing and Jenna have agreed to share 50/50 custody of Everly, and they'll also work with a counsellor to work out a specific schedule to split the holidays and custody time in a fair way.
The actors also agreed to not exploit Everly for any social media advertisements.
The stars announced their separation in April, 2018 after eight years of marriage. They filed for divorce in October of that same year.
Channing recently reconciled with British singer Jessie J, after calling time on their relationship late last year, while Jenna is expecting her first child with her new man, Broadway star Steve Kazee.