December 15, 2008 19:42

Madonna and Guy Ritchie reach divorce settlement

The massive payout may have set a new record

Madonna and Guy Ritchie have reached a divorce settlement, it was announced today (December 15).

The pop star has settled with her director ex-husband for at least $76 million (£50 million), according to her spokeswoman Liz Rosenberg.

The massive sum includes the value of their English country home. Ritchie will reportedly hold on to their central London pub, The Punchbowl.

The settlement is nearly twice the value of the one reached by former Beatle Paul McCartney and his ex-wife Heather Mills earlier this year.

"I'd assume it's one of the largest payouts ever in a divorce settlement," Rosenberg told the Associated Press.

The couple's combined assets were reportedly valued at $525 million, the majority of which belonged to Madonna.

While the financial settlement has been reached, custodial details of the couple's children - Rocco, 8, and David Banda, 3, who was adopted from Malawi in 2006 - have yet to be finalised.

Madonna is currently on the South American leg of her Sticky & Sweet world tour.

--By our Los Angeles staff.
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