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This new development comes following Kim Kardashian's divorce filing from 19 February, which began the process of ending their almost seven-year marriage.
According to BBC, Kanye and Kim have agreed that their marriage should end over irreconcilable differences and in addition, they do not need spousal support.
The power couple has two daughters and two sons. Their daughters, North and Chicago, are age seven and three respectively, and their sons, Saint, five, and Psalm, will turn two next month.
They kept their property separate throughout their marriage because of the terms of a pre-nuptial agreement, according to Kardashian's filing.
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The couple, who are both billionaires according to Forbes latest list, are among the most recognisable stars in the world and are both hugely successful in their own right.
Their marriage was one of the most closely followed in recent decades.