Is K-Fed Richer By $1 Million?

Britney Spears and Kevin Federline have reached a divorce settlement.

The couple, who married in September 2004 before Britney filed for divorce last November, agreed the deal during a five-hour meeting in Los Angeles yesterday (29.03.07).

Kevin is rumoured to be receiving a $1 million payment, with the couple sharing custody of their two sons, 18-month-old Sean Preston and Jayden James, six months.

A spokesman for Kevin's attorney said: "The parties signed a global agreement on all issues of their marriage and custody of their children."

He refused to elaborate on the terms of the settlement, but revealed they had reached an agreement on financial matters.

A judge must approve the agreement before the divorce is finalised.