Britney & Kevin Reach Settlement

After a five-hour meeting on Thursday afternoon with their lawyers, Britney Spears and Kevin Federline finally reached a divorce agreement.

“All parties signed a global settlement agreement on all issues concerning their marriage and custody of their two children [Sean Preston, 18 months, and Jayden James, 6 months],” said Michael Sands, spokesperson for Federline’s lawyer, Mark Vincent Kaplan.

Details of the agreement haven’t been released, but a source close to the negotiations tells Usmagazine.com that reports of a $1 million settlement and a “50/50″ custody agreement are “inaccurate.”

On the afternoon of March 29, Britney, 25, left her Beverly Hills home in a black Escalade with her bodyguard and arrived at her attorney Laura Wasser’s Century City office building.

Federline, along with the couple’s two children, arrived in a white Yukon 20 minutes later with two bodyguards and parked in in the underground garage in the same building.

At one point during the meeting, Kevin went outside to smoke a cigarette and was joined by Britney. “They had a 15-minute conversation,” Sands said.

The pair split in November after a two-year marriage. Federline, 29, now lives in a Tarzana home, where the couple’s children have been staying with their father ever since Spears entered rehab in February. The singer completed her program at the Promises treatment center in Malibu on March 20.