Evangelista and Francois-Henri Pinault issued a statement through a spokesman Tuesday. A magistrate signed off hours earlier on their agreement and sealed it from public view.
The statement says the two are happy they were "able to reach an agreement for the benefit and well-being" of their son.
Pinault is CEO of luxury-brands conglomerate PPR. He and Evangelista dated for about four months. He later married actress Salma Hayek.
Evangelista has said she spends $46,000 a month on armed bodyguards, a 24-hour-a-day nanny and other expenses for the boy. She said she willingly paid all the bills at first but now needs help.
