Golf star Colin Mongtomerie's second marriage has ended in divorce
Lawyers acting for Montgomerie, 53, told judge Lord Doherty at the Court of Session that the couple have agreed a deal to end their legal actions against each other.
The seniors tour player and Gaynor , 50, were suing each other for £5million. Montgomerie had demanded payments from her of £6,500 a month – while Gaynor's counter-action was for the £5million plus £10,000-amonth payments.
Neither Montgomerie nor Gaynor were present when the announcement was made at the Edinburgh courthouse.
Their lawyers are understood to have thrashed out a deal, which was not made public, after two days of proceedings.
Kenneth McBrearty QC told Lord Doherty the Ryder Cup-winning captain had reached a settlement.
He asked the judge to grant decree for the divorce while Gaynor's advocate Janys Scott QC said her client had no issue with what had been agreed.
Colin Montgomerie and his ex-wife Gaynor
The divorce was granted on the basis that the couple had not lived together at Gaynor's £2m converted farmhouse in Dunning, Perthshire, for 12 months.
I raised proceedings some time ago seeking divorce from Gaynor
Allowing the divorce to go ahead, Lord Doherty said: "I shall pronounce decree."
On Tuesday, the court heard claims about the alleged unfairness of a "post nuptial agreement" which was signed between the couple in 2010.
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Court papers lodged by Montgomerie's legal team claim Gaynor placed him under pressure to sign it so their marriage could continue.
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The papers state that Gaynor, discovered had been having an extra marital relationship following their £1.2million wedding at Loch Lomond Golf Club in 2008.
Gaynor was a widow after her first husband, furniture tycoon George Knowles, died leaving her a £20million fortune including the farmhouse which was in her full name before she married Monty.
The post-nuptial agreement was for Montgomerie to fund work on the house and to provide for its upkeep.
Court papers stated that Gaynor inherited the farmhouse when her first husband, businessman George Knowles died.
Montgomerie, who is thought to be a £40 million fortune, captained Europe to Ryder Cup victory in 2010. He and first wife Eimear, the mother of his children, divorced after 14 years in 2004.
Neither Montgomerie nor Gaynor were present when the announcement was made
During proceedings on Tuesday, Montgomerie issued a statement through his solicitors.
He said: "I will not be commenting on my private life other than to confirm that I raised proceedings some time ago seeking divorce from Gaynor.
"This matter is now being dealt with by the court. I ask that you respect our privacy in this difficult time.
"I will be making no further comment on the matter."