Attorneys for both sides met with Superior Court Commissioner Scott Gordon this morning in a bid to get final approval for a deal that would allow K-Fed to retain primary physical custody of sons Sean Preston, 2, and Jayden James, 1. Spears, meanwhile, will get a boost to her current visitation rights—with the possibility of much more to come.
The deal would also preempt a trial in the case.
"She gets increased visitation and additional overnights, and once the conservatorship ends, she will ask the court to change it back to a shared 50/50 legal and physical custody," a source close to Spears told E! News.
Spears' monthly child support payments to Federline are also reportedly being bumped up to $20,000 from $15,000.
Laura Wasser, attorney for the 26-year-old "Gimme More" singer, told reporters outside the courtroom that Spears is more than happy with the terms of the deal.
"Britney is really pleased," she said. "She has the kids today."
Pleased or not, while the deal is as good as done, it's not yet on the record books, despite this morning's hearing.
"I believe we will come to an agreement and the agreement will be converted into a legal document sometime in the future," Kaplan said. "I will not comment on the terms of the agreement. It will not be filed today.
"Right now it is a private agreement. It has not been turned into an order."
"Nothing has been filed," court spokesman Alan Parachini confirmed. "A resolution is imminent. What that is, don't know, because we haven't seen it yet.
"Neither Britney nor Kevin came to court today. But [the attorneys] did indicate they are working on a settlement."
Meanwhile, when the conservatorship of Spears' estate ends, a source says the singer plans to ask the commissioner to restore shared custody—terms similar to what the couple had prior to her January meltdown.
News of a settlement in the long-gestating, headline-grabbing case broke last night, when Federline attorney Mark Vincent Kaplan told E! News "all the issues that would have been addressed at trial have been settled."