Dean McDermott stepped out and clarified the vasectomy quote which was in reports earlier this week. He told Us Weekly that he and wife Tori Spelling are not broke.

Earlier this week, Spelling was quoted saying that they could not afford a vasectomy. Speculation then arise that the couple is broke.

"Right now things are going well," McDermott explained to Us Weekly. "I have several exciting projects in the works. Our show Dean and Tori's Backyard Bash just re-aired to great ratings, I'll be the new host of Chopped Canada and I have my first cookbook coming out -- The Gourmet Dad, in the spring," he added. "Tori's book (Spelling It Like It Is) just launched this week and things are good."

He also clarified the vasectomy quote. "Could we afford a vasectomy? Probably," he said. "Was it a tougher time for us financially? Yea. For sure. That's just the truth of it -- it's the nature of this business."

He went on saying that there are times that they're doing fine financially and other times that they don't. "Sometimes things are awesome, sometimes they're just not. But it's about how we tackle things as a couple, as a family. And we do a pretty good job of that. Right now we have so many cool things going on -- we're in an uptick."

McDermott and Spelling eloped in 2006 to Fiji. They currently have four children together, Liam, Stella, Hattie, and Finn.