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Last night a deal was struck between Britney and K-Fed and Federline's attorney Mark Vincent Kaplan announced the pop star would give sole legal and physical custody of Sean Preston and Jayden James to her ex-husband while she maintains visitation rights, according to Eonline.

So next up -- the conservatorship hearing. Will Jamie be kicked out or will Brit give up on that too and tell the court she needs someone to guide her life? Maybe she does!

Both parties are due in court today to get the deal signed by a judge and then it's done - a two year battle fought half-ass by Brit and now she's pretty much giving up.

Who the hell told her to do this? Is this dad Jamie's advice? Does this mean there's no hope of Britney ever being really "well" again? How could you give up on your kids unless you were sick???

Kaplan told E!:
"Kevin's was not [out] to get custody. Kevin's goal was to set up some kind of template so the mother of his children can co-parent ... Nobody could have anticipated the terms of events that have occurred....This was a two-year journey that will be halted at a point that is good for these children. Custody is always modifiable. If there is a final order, it means there is nothing to try."


So that's it! It's over!

And what about if Jaime's conservatorship over Brit and her estate ends on July 31 at the next hearing ... or if not, when it ends at some date after that?:

"While I can't tell you the terms, the order does anticipate what happens if the conservatorship is ended," Kaplan told E! News. "The devil is always in the details and this is a very detailed deal memo."


We caught up with Kaplan last night at a press conference STK after he dined and he told us:

"I'm very pleased with the outcome and it sets up a way for both parents to be very involved without subjecting anything to chance in the future."


Video coming soon ...