Los Angeles: Jennifer Lopez and Marc Anthony are negotiating the terms of a settlement before filing for divorce.

The couple, who announced their separation in July after seven years of marriage, are said to be in no rush to make their marital split official, and it could be months before their union comes to an end in the eyes of the law, reported a website,

"They have been working out terms of a settlement before they officially file for divorce. There is no rush to do so because both sides agree on the formal date of separation," a source said.

"Marc and Jennifer have homes, businesses, and are minority owners of the Miami Dolphins football team. It's complicated, and it could be at least several more months before final terms of the settlement are agreed upon.

"They will formally file in California, because it's a no fault state, and the divorce will be legal six months from the time it's filed."

Lopez, 42, who raises three-year-old twins Max and Emme with Anthony, recently said that despite having three failed marriages behind her, she remains an eternal optimist about love.

"This was the hardest decision I've ever had to face. I really wanted this family to work. That was my biggest dream, and I worked hard at it. We both did. Sometimes it doesn't work - and that's sad. But I remain an eternal optimist about love. I believe in love... It's still my biggest dream," she had said.

Lopez is now dating 24-year-old backing dancer Casper Smart.