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updated 9:55 p.m. ET Oct. 18, 2008

LONDON - Guy Ritchie and Madonna have settled their divorce, according to the British newspaper The Sun.

The “RocknRolla” director will reportedly walk away with assets totaling around $60 million, including a 1,200-acre country estate, a London pub, and a cash settlement.

Madonna will hold on to her New York and Los Angeles homes and most of her considerable fortune, The Sun reported.

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“The negotiations were relatively painless,” The Sun quoted a source as saying. “Guy knew what he wanted and Madonna knew what she was keen to keep. There was a spell when Guy was in a mood to dig his heels in, but he decided this arrangement seemed reasonable and a long battle over money would make life unbearable.”

Madonna is being represented by divorce lawyer Fiona Shackleton, who formerly represented Paul McCartney in his divorce from Heather Mills. Shackleton reportedly negotiated Madonna’s divorce terms during a day of phone calls with Guy’s lawyers.

The former couple reportedly expects to reach a compromise over their three kids — Lourdes, 12, who is the daughter of Madonna and ex Carlos Leon, and sons Rocco, 8, and David, 3.