Ritchie shuns Madonna's fortune in divorce deal

Director Guy Ritchie and his wife Madonna attend a screening in New York in this December 2007...
Director Guy Ritchie and his wife Madonna attend a screening in New York in this December 2007 file photo. (AP Photo/Evan Agostini, file)
British film director Guy Ritchie has agreed to walk away from his marriage with pop queen Madonna without taking a cent from her multi-million dollar fortune.

The celebrity couple are believed to have reached an agreement on their divorce, just a month after they officially split following eight years of marriage.

London's Evening Standard newspaper reported Ritchie had refused to demand any money from his estranged wife, who is estimated to be worth around $700 million ($NZ1.3 billion).

The pair were believed to have reached a compromise over where their three children would live, with the two boys Rocco, eight, and three-year-old adopted David, dividing their time between Ritchie's home in London and Madonna's in New York.

Madonna's 12-year-old daughter Lourdes, from her previous relationship with personal trainer Carlos Leon, will live with the singer.

An unnamed source said a formal announcement on their divorce settlement could be made before the end of the month.

"The priority for him (Ritchie) has always been the children," the source told the newspaper.

"Ritchie has not wanted her money.

"It will all be over by the end of the month. I am sure it will be announced by then." The pair, who own homes in London, Los Angeles and New York, married in December 2000 at a castle in Scotland.

Madonna is currently on tour in the United States while Ritchie is shooting a film about Sherlock Holmes with Robert Downey Jnr and Jude Law in the UK.