Kevin is rumoured to be receiving a $1 million payment, with the couple sharing custody of their two sons, 18-month-old Sean Preston and Jayden James, six months.
A spokesman for Kevin's attorney said: "The parties signed a global agreement on all issues of their marriage and custody of their children."
He refused to elaborate on the terms of the settlement, but revealed they had reached an agreement on financial matters.
A judge must approve the agreement before the divorce is finalised.
During the meeting, Kevin, 29, took a cigarette break and Britney, 25, followed him outside where they spent 15 minutes talking.
The meeting took place in Britney's attorney Laura Wasser's office in California's Century City.
The estranged couple agreed to temporarily share custody of their sons in January, but Kevin took over custody when Britney checked into Malibu's Promises rehab centre in February.
Earlier this month, it was reported Britney had decided to give Kevin $19 million.
