Almost five months since pop singer Britney Spears filed for divorce from Kevin Federline, the estranged couple shattered rumors of a possible reconciliation as they reached a settlement on “all issues of their marriage.”

Michael Sands, a spokesman for Federline’s attorney, Mark Vincent Kaplan, confirmed to People that together with their lawyers, the two parties signed "a global settlement on all issues of their marriage, and the custody of the children" during a five-hour meeting that took place on Thursday at the Los Angeles offices of Spears’ lawyer.

Spears’ lawyer, Laura Wasser, declined to comment.

Their settlement is yet to be approved by a judge in order to become final. While terms of the deal haven’t been disclosed, rumors are that K-Fed could walk away with around $1 million due to the pre-nup he signed.

Regarding their two kids, 18-month-old Sean Preston Federline, and Jayden James Federline, 7 months, celebrity web site TMZ.com reported that the two parents will have joint custody, sharing physical custody 50/50.

The deal came little after the 25-year-old checked out the Promises Rehab Center in Malibu where she checked in on February 22nd after she shocked everyone by shaving her head bald.

Spears and her former backup dancer, now aspiring rapper, Kevin Federline, got married in 2004 in a surprise wedding ceremony before moving into a luxury Malibu mansion but lasted only two years.

On November 7th 2006, Spears filed the divorce papers citing irreconcilable differences. She sought custody of the children, with visitation rights for Federline.

Federline counter-filed court papers the following day seeking sole custody of their boys and for spousal support.

The couple had later agreed in January to a temporary joint-custody arrangement that included a three-days-a-week visitation schedule for Federline, according to documents filed in Los Angeles Superior Court.

However, before Spears went to rehab, Federline took the kids to take care of them and reportedly visited her several times sparking rumors they intend to get back together after she would be released from there.

In the past, Spears has been married for 55 hours to childhood friend, Jason Alexander and her record company at that time, had claimed it was a joke.