The pair's split was finalized in Superior Court on Friday, according to court documents obtained by CelebTV.com.
Applegate, known for her role as ditzy daughter Kelly Bundy on TV's "Married ... With Children," and actor Schaech married in October 2001.
They separated in November 2005, citing irreconcilable differences, according to court papers. Schaech filed for divorce Dec. 5, 2006.
Applegate's publicist, Ame Van Iden, and Schaech's publicist, Cindy Guagenti, both declined to comment Friday.
The judgment awarded Schaech more than $1.5 million in bank accounts dating back to last February, a cement Buddha in Applegate's possession, and a 2001 Mercedes-Benz S500.
Applegate, 35, was awarded two of the ex-couple's Los Angeles residences, a 2006 Lexus and more than $7.5 million in bank accounts dating back to late December 2006, according to court documents.
Applegate has starred in movies including "Anchorman: The Legend of Ron Burgundy," and earned a 2005 Tony Award nomination for her Broadway role in "Sweet Charity."
Schaech's acting credits include 1996's "That Thing You Do!" and 2005's "Sea of Dreams."
Both waived the right to seek spousal support.
The pair did not have children.