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The couple agreed on a deal during a five-hour meeting in Los Angeles.
Sources say that under the terms, Kevin Federline will walk away with around $1 million. As for their two kids, TMZ reports that Britney and Kevin will have joint custody, sharing physical custody 50/50. The divorce will be final, with a judge's signature, very soon.
In the past, when Laura Wasser, Britney's lawyer, has settled a high-profile divorce, the parties file a "skeletal judgment," which mean the specific terms will be omitted from the public documents.
A spokesman for Kevin's attorney said: "The parties signed a global
A judge must approve the agreement before the divorce is finalized.
During the meeting, Kevin, 29, took a cigarette break and Britney, 25,
The meeting took place in Britney's attorney Laura Wasser's office in
Earlier this month, it was reported Britney had decided to give Kevin $19
Spears and Federline got married in September 2004 in a surprise ceremony and soon settled into a Malibu mansion reports PEOPLE
Not long after their second son was born, signs of trouble appeared in their marriage, with Spears missing many of Federline's promotional appearances for his poorly received hip-hop album Playing With Fire.
Spears filed for divorce on Nov. 7, 2006, citing irreconcilable differences.
The 'Toxic' singer has had a number of new etchings since leaving rehab last
A source revealed: "Britney is using tattoos as a form of self-expression.
"Her mother managed to dissuade her from having angel wings on her back but