"The couple have agreed to an amicable settlement," said Hasselhoff's publicist, Judy Katz.
Hasselhoff, 53, and Bach, 42, wed in December 1989. They have two teenage daughters.
Details on custody and property issues were not disclosed.
Hasselhoff, who cited irreconcilable differences, played lifeguard Mitch Buchannon in "Baywatch" from 1989 to 2000. He also starred in the 1980s TV series "Knight Rider," in which his character, Michael Knight, teamed with a talking Pontiac Trans Am sports car to fight crime.
Bach has appeared on the soap opera "The Young and The Restless" and in numerous episodes of "Baywatch" and "Knight Rider."