UPDATE: Debbie Rowe's attorney has confirmed a custody deal has been brokered between her and Katherine Jackson, seconding the family's claim that money never entered into their negotiations.
"The parties engaged in a dignified discussion that resulted in a dignified outcome," Eric George said. "The sole consideration between the parties was the best interests of the children.
"I'm proud to have worked with such professionals who represented Ms. Jackson, and I am particularly proud of Deborah for her integrity and selflessness."
Jackson's attorneys echoed the sentiments.
"Mrs. Jackson and the family are pleased this matter is resolved and was handled in a caring, thoughtful and courteous manner by the parties and their representatives," L. Londell McMillan and Diane Goodman said.
"We were all united in our goals to do what is best for Michael's wonderful children, and both Mrs. Jackson and Debbie Rowe were on the exact same page. Accordingly, although important issues had to be resolved, this was no legal contest, but rather simply a process doing the right thing for the right reasons."
The kids will be growing up Jackson.
Averting a potentially ugly custody battle, Michael Jackson's mother, Katherine, and his ex-wife Debbie Rowe have reached a deal, keeping the King of Pop's three children in the care of the Jackson clan.
Katherine Jackson's attorney, L. Londell McMillan, made the announcement this morning on CBS' Early Show, revealing that after several weeks of negotiations, Rowe (the biological mom of 12-year-old Prince Michael and 11-year-old Paris) agreed to terms that will give the 79-year-old Jackson matriarch full custody in exchange for visitation rights.
McMillian also insisted that Rowe, 50, would not be receiving any financial windfall as part of her decision to give up her parental rights and not challenge the custody arrangement in court.
"It's an agreement...for the best interests of the children. This is not a money deal. There's no situation better for these children than to be raised and reared under the care of Mrs. Jackson," the lawyer said.
The resolution makes good on Jackson's final wishes as stipulated in his will that his mother raise the kids, which includes 7-year-old Prince Michael II (aka "Blanket"), who was born via artificial insemination and whose mother's identity remains unknown. A judge is expected to sign off on the arrangement during a court hearing Monday.
Katherine, with help from eldest daughter Rebbie, has been taking care of the children in the family's Encino, Calif., compound.
(Originally published July 30, 2009, at 5:22 a.m. PT)
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