Guy Ritchie, Madonna

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UPDATE: London’s High Court has scheduled a hearing for Friday, where it’s expected to grant the former lovebirds a preliminary divorce decree (aka decree nisi). After a six-week period, they will then be granted a "decree absolute," at which point the divorce will be final.

"I am not releasing a statement, nor confirming or denying reports, but appreciate you checking," the singer's publicist, Liz Rosenberg, tells E! News.

Is there a ray of light in Madonna and Guy Ritchie's divorce fight?

The British press reported today that the former lovebirds have reached an amicable agreement on the terms of their divorce, with Ritchie reportedly refusing to take one penny of the Material One's massive fortune, valued in the $400 million-$500 million range.

Per the London Evening Standard, Madonna, 50, and Ritchie, 40, will share custody of their two children, 8-year-old Rocco and 3-year-old adopted son David. The kids will split their time between New York, where the pop queen is taking up full-time residence, and the director's home in London. Madonna's daughter, Lourdes, who she had with former personal trainer Carlos Leon, will continue to live with her.

The estranged couple has not confirmed the deal, but the Standard suggests an announcement formally ending their eight-year marriage could be forthcoming by month's end. But terms of the split are not likely to be made public.

Although Ritchie can, under British law, go after half of Madonna's money, it's not like the director is hurting for cash. Ritchie is said to be worth around $45 million and owns several properties in Great Britain.

Following months of tabloid tales alleging their union was on the rocks, especially after the "Hung Up" singer was linked to Yankees slugger Alex Rodriguez, the couple announced their separation in October.

Apparently, Madonna and the RocknRolla helmer want to get into the settlement groove and work things out, thereby avoiding the media circus surrounding the divorce trial of Paul McCartney and Heather Mills.

Either way, the two are keeping themselves busy.

Madonna is the midst of the North American leg of her latest world tour, while Ritchie is shooting Sherlock Holmes with Robert Downey Jr. and Jude Law.

(Originally published Nov. 20, 2008, at 9:21 a.m. PT.)

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