Britney Spears and Kevin Federline reached a divorce settlement Thursday, T.H. Gossip has learned.

“The parties signed a global settlement on all issues of their marriage and the custody of the children,” Michael Sands, a spokesman for Federline’s attorney, Mark Vincent Kaplan, tells People.

The deal was worked out in five-hour meeting in the Los Angeles high-rise offices of Spears’ attorney, Laura Wasser. At the bargaining table were Spears, Wasser, Kaplan and FedEx.

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

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

Kevin Federline arrived in a white Chevy Yukon 20 minutes later with two bodyguards and parked in in the underground garage in the same building.

At one point during the meeting, K-Fed went outside to smoke a cigarette, yo, and was joined by Britney.

“They had a 15-minute conversation,” Sands said.

Wonder if it involved some of the stuff Isaac Cohen said about her. Regardless, the pact comes just days after Spears left rehab on March 20, after just under a month in detox.

Spears and Federline got married in September 2004 in a surprise ceremony and soon settled into a Malibu mansion. The couple had two sons, Sean Preston in September 2005 and Jayden James in September 2006. For a time, all was well. But Spears filed for divorce on November 7, 2006, irreconcilable differences being cited as the primary reason. In a temporary agreement, Spears had custody of the boys with three days of visitation for Federline.

The singer began months of hard partying in New York, Miami, Las Vegas and Los Angeles, hooking up for awhile with Paris Hilton and deciding panties were just too constricting.

She initially defended her partying as long-overdue fun, but by January, her manager, Larry Rudolph, acknowledged she was having a rough time.

After a wild weekend in which she shaved her head, Britney Spears entered rehab at Promises, where she stayed for about four weeks. K-Fed, who took care of Sean and Jayden during her treatment, declined to return custody to Brit until he was satisfied with her rehab.