It's joint custody. Here's a quote from Jason from People.com:
That world also includes his brother Larry, with whom he shares a modest three-bedroom suburban ranch home. Mesnick and ex-wife Hilary Wynn, whose divorce was finalized last February, share custody of Ty "50-50," says Mesnick. "We are good friends. Everything is in the past now and we need to make decisions together. We both want each other to find love and happiness, and we both know as long as we do what's right for Ty he'll be great. He is loved."
Source(s):
http://www.people.com/people/archive/article/0,,20252068,00.html

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