Hogan's wife of 24 years filed for divorce in 2013 and legal papers obtained by Tmz.com show their marriage has now been officially dissolved.
Kozlowski will receive a sum of $5.7 million (£3.3 million) from Hogan. The actor will keep the film company that produced the former couple's 1986 comedy movie and the rights to the title character.
Hogan will maintain ownership of their marital home in California but his ex-wife can continue living there until 2018 or until she remarries. She also has the option to buy the home outright for the original purchase price of $1.6 million (£941,000).
They will share legal custody of their 15-year-old son Chance and neither will pay child or spousal support.