
Spears, 25, and Federline, will share custody of their two sons, 23-month-old Sean Preston and 11-month-old Jayden James, according to Spears' attorney Laura Wasser. Spears – who's currently allowed two visits and one overnight per week – will keep her visitation rights.
"I think she's okay with the terms," Ms Wasser told reporters on Monday outside the Los Angeles court. "I think they were each hoping they would have more custody time, but hopefully that can be worked out."
The financial details of the divorce remain secret. Spears is worth an estimated $100 million dollars. The legal saga culminated in the most dramatic of public downfalls when Britney was twice hospitalized early this year for mental health issues.
Spears and Federline, a back-up dancer and aspiring rapper, married on October 6, 2004. Spears filed for divorce sighting, "irreconcilable differences" in court documents.
"The case has been settled," Federline's attorney, Mark Vincent Kaplan, told E! Online. "The court still has to approve it."
Kaplan also issued a statement to OK! and said, “At about 8 p.m. PT, a final settlement in the Kevin Federline-Britney Spears custody case was signed. All parties have agreed to the following: Kevin will retain sole legal and physical custody of Sean Preston and Jayden James. Britney will continue to have visitation rights which may increase over time. The agreement will be presented to the court in the morning for approval by the commissioner.”
Both Britney Spears and Kevin Federline (along with their lawyers) are due in court today.