LATEST: Britney Spears' estranged husband Kevin Federline will make just $1 million (GBP550,000) from their marriage, according to reports.
The pair reached an agreement after a five-hour meeting in Los Angeles on Thursday (29MAR07), based on a prenuptial agreement signed before they married in September 2004.
According to newspaper reports, Federline has settled for a payout of just $1 million from Spears' estate, which is valued at anything between $50 million (GBP27.5 million) and $100 million (GBP55 million).
The former couple also reached an agreement over custody of their two children, 18-month-old Sean Preston and six-month-old JAYDEN JAMES. Spears is thought to have gained custody with Federline granted full visiting rights.
Spears appeared happy with the outcome of the talks - she grinned at photographers who caught up with her just hours after coming out of the meeting.
The agreement must be approved by a judge before their divorce is finalised.