Britney Spears and Kevin Federline Reach a Divorce Settlement

K-Fed Gets a Million!

BRITNEY Spears and Kevin Federline have reached a divorce settlement after a five-hour meeting in LA.

It is rumored that Kevin Federline is to be receiving a single $1 million payment in a divorce settlement, with the couple sharing custody of their two sons, 18-month-old Sean Preston and Jayden James, six months.

The two reached an agreement after a five-hour meeting at Britney Spears attorneys office in Los Angeles on Thursday. The settlement is based upon a prenuptial agreement they signed before they married in September 2004.

"The parties signed a global agreement on all issues of their marriage and custody of their children," a spokesman for Kevin's attorney said: He didn't elaborate on the terms of the settlement, but revealed they had reached an agreement on financial matters.

Kevin, 29, a former dancer and an aspiring star who is taken mostly as a freeloader took a cigarette break during the negotiations and Britney, 25, followed him outside where they spent 15 minutes talking.

Federline was featured in a Nationwide Mutual Insurance Company commercial during Super Bowl XLI on February 4, 2007. In the commercial, he initially appears in a music video rapping about living a high flying lifestyle. Then, reality hits as Federline is shown now working in a fast food restaurant with his manager yelling at him, the punchline of the ad being "Life comes at you fast."

The estranged couple agreed to temporarily share custody of their sons in January. But Kevin took over custody when Britney had shaved herself bald and checked into Malibu's Promises rehab center in February.

It was reported Britney had at one time decided to give Kevin $19 million. I guess not.

Britney reportedly spent her first weekend as a new divorcee in Las Vegas, dining with friends. Having finalized her divorce she spent a low-key weekend in Sin City. The post-rehab Spears dined at Tao Asian Bistro with two female friends, but made it clear wild ways days are over -- even in Las Vegas.